premier hotel, The Westin Melbourne, to the Malaysian-listed TA Enterprise Bhd.
CBRE Hotels Directors George Nicholas and Scott Callow concluded the sale this week on behalf of a consortium of industry
super funds, including Cbus. The sale negotiations involved a strong collaboration between CBRE's Sydney, Melbourne and
Singapore offices to achieve an outstanding result for the client in a challenging marketplace.
The high profile CBD hotel was keenly sought by a range of predominantly offshore investment groups from the Middle East,
Asia and America. The acquisition represents the latest foray into Australia for TA Enterprise, a financial services and property
investment firm which also owns the five-star Radisson Plaza Hotel in Sydney.
In the current turbulent times, the sale has been heralded as a vote of confidence in the
Australian hotel investment market, particularly as the deal was secured within 12
weeks of the property being listed for sale.
The value proposition of the Australian dollar and the perception of our market as a well
regulated, investment safe haven helped underpin interest in the sale of what is widely
recognised as Melbourne's finest, five-star hotel.
The 262-room Westin Melbourne has consistently been one of the best performing five-star hotels in the
country and has received numerous awards, including Best Luxury Hotel in the South Pacific at the Trip
Advisor Travellers Choice Awards, Best Luxury Accommodation at the 2007 Australian Tourism Awards, and
the coveted MAXXotel award for Australia's best performing five-star hotel over 200 rooms.
For further information please contact:
George Nicholas Emily Newman
Director Marketing, EMEA
CBRE Hotels Asia Pacific CBRE Hotels
+61 2 9333 3488 +44 (0)20 7182 3211
george.nicholas@cbre.com.au emily.newman@cbrehotels.com