Melbourne Hilton goes on the market; could fetch $250M

The Australian is reporting that U.S. hospitality property giant Host Hotels & Resorts and developer Plenary Group are looking to put the Hilton Melbourne South Wharf Hotel on the market.

The pair will reportedly offer their stakes in the asset—the U.S. group owns 75 percent and the local player 25 percent—as a package, allowing a new owner to take full control of the hotel. Pricing is tipped at more than $250 million.

JLL declined to comment on the property.

Market conditions could see a full price paid for the 364-room hotel, which is part of the Melbourne Convention and Exhibition Centre precinct and the South Wharf development.

The article also notes that Melbourne is emerging as a primary focus for hotel sales in the second half of the year, with about $1.9 billion in business during the first half of 2015. Sydney and the Gold Coast are the most active markets in the country.