Ritz-Carlton Properties in Melbourne and Perth Up for Sale
Skift Take
- The Ritz-Carlton hotels in Melbourne and Perth are being sold for approximately $500 million, attracting bids from wealthy Australians and offshore investors.
- Salter Brothers has purchased the Sofitel Adelaide Hotel for $154 million, marking a significant hotel transaction in Adelaide.
- The Interlude, an urban wellness retreat, has opened in Melbourne's Pentridge prison, featuring unique design elements like an underground swimming pool.
The Ritz-Carlton in Melbourne and the one in Perth are being sold for about $500 million, according to various Australian news sources. The Australian Financial Review predicted ultra-high net worth Australians and offshore investors are expected to bid for the hotels after Far East Consortium put them on the market with price expectations of about $500 million. This follows the opening of the 257-room Ritz-Carlton Melbourne not even five months ago atop the tallest tower in Far East Consortium’s $2.4 billion West Side Place development. The 205-room Ritz-Carlton Perth opened in 2019, marking the return of Marriott’s most famous luxury brand to Australia after 25 years. Far East Consortium said their decision to sell has to do with having their own hotel brand, Dorsett Hotels. They recently opened properties under that brand in both Melbourne and the Gold Coast. Far East recently was part of the consortium selling the Sheraton Grand
