Thai firm KS Hotels & Resorts has acquired the 245-room Park Hyatt Melbourne, according to Real Commercial, which added the deal is the biggest hotel transaction in Australia in 2025.
CoStar data shows the price of the transaction was not disclosed, but Real Commercial reports the price was approximately $205 million Australian dollars ($129.5 million), or AU$836,735 per room.
The seller is Beijing-based Fu Wah International, which acquired the hotel from Singapore sovereign wealth fund GIC in January 2014 for approximately AU$135 million.
The hotel, which occupies a prestigious spot at 1 Parliament Square, is not KS Hotels' first deal with Hyatt Hotels Corp. It converted the Hotel de la Paix in Siem Reap, Cambodia, to the Park Hyatt Siem Reap. That property reopened under the new brand in July 2022, according to CoStar.
CoStar News reported in April that the Melbourne property had been acquired by Brisbane-based Shayher Group for roughly the same price, but that deal never finalized.
KS Hotels’ parent company entered the hotel industry in 2008, developing the Alila Cha-Am in Thailand — Alila also is a Hyatt flag — but that hotel now operates under Accor as the 108-room Sofitel So Hua Hin. Its core business is manufacturing motorcycles in Cambodia, Laos and Vietnam.