This article is from the Australian Property Journal archive
FRESH from the near-$17 million sale of his Toorak mansion in September, Melbourne hotel investor Mazen Tabet has snapped up the five-star Royce Hotel on St Kilda Road for $55 million.
The 2,164 sqm site was home to Melbourne’s first Rolls Royce dealership, and sold with vacant possession at a figure almost $10 million below market expectations.
It features the 100-room luxury boutique hotel with a 1920 art deco façade, as well as an office building of 1,125 sqm. There is development approval for both sites that could deliver another 67 hotel rooms and ground floor retail over the long-term.
Early last year Tabet acquired the Portsea Hotel on the Mornington Peninsula for $17.1 million.
Alongside investment partners, he took the Tankerville Arms Hotel at 230 Nicholson in the trendy inner-north suburb of Fitzroy to auction, with hopes of achieving $20 million.
The hotel was built in 1865 and is on a 1,087 sqm site over three titles, and has 49 gaming machines and a TAB. However, despite its history and popular location, the asset remains on the market.
Australian Property Journal
