Melbourne’s Jasper Hotel quadruples price in five years
Malaysian Loh Kian Chong has quietly listed Melbourne’s boutique Jasper Hotel with a $60 million price tag, in a bid to cash in on renewed investor demand for the city’s hotels.
Billed as a boutique hotel and conference centre, the Jasper Hotel fronting 489 Elizabeth Street was bought by Loh for $15.5 million in 2013.
It is understood Colliers is marketing the 90-room nine-level property in an off-market transaction led by David Sia, head of Asia Markets, for Colliers Investment Services.
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Sia declined to comment.
The Jasper Hotel was built in 1975 and underwent a $4.5 million redevelopment in 2007, with sources saying it needed further renovation. Loh, who is based in Penang, Malaysia, bought the hotel through a company known as Creative Wealth.
The sale attempt comes as the Pullman Melbourne on the Park is being sold by JLL Hotels and McVay Real Estate.
Peter Harper, Head of JLL Hotels Melbourne Office, declined to comment on the sale process but notes that Melbourne remains one of the most sought-after hotel investment markets in Asia Pacific.
Harper says buyers are frustrated by the lack of established hotels for sale.
“We are receiving daily inquiries for smaller hotels right the way up to institutional quality assets,” he says.
This article originally appeared on www.theaustralian.com.au/property.
