Park Hyatt Melbourne sold to Thai group KS Hotels in $205m+ deal
Melbourne’s Park Hyatt Hotel has sold for more than $205m. Picture: NCA NewsWire/ David Crosling
A Thai hospitality group has been confirmed as the new owner of Melbourne’s luxurious Park Hyatt hotel after a more than $205m purchase locked in two months ago.
KS Hotels, just the third Thai-based group to snap up a major Victorian hotel, have bought the landmark set between the state’s parliament, treasury and the Fitzroy Gardens, from Hong Kong’s Fu Wah International.
With a 245-room floorplan it’s Melbourne’s biggest hotel sale since 2017, when a run of accommodation centres including the W Hotel, the Novotel on Collins St and the Hilton at South Wharf were all sold to South-East Asian buyers.
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Many of the city’s most prominent hotels are owned by groups operating from across Asia, including the Westin, owned by a Malaysian company, and the Windsor, owned by Indonesia’s Halim Group.
Parties involved in the sale were unable to confirm a price, however industry sources have put it above the $205m paid for Sydney’s Intercontinental Double Bay in 2024.
JLL’s head of investment sales for Australasia Peter Harper was among the agents who helped broker the deal and said it reflected Melbourne’s “incredible ability to absorb new stock coming through”.
“I don’t know how anyone can see anything other than the market has done exceptionally well,” Mr Harper said.
The hotel is located between the state’s Parliament buildings and the Fitzroy Gardens. Picture: NCA NewsWire/ David Crosling
He noted that there had been more than 100 inquires and 10 groups that made offers for the hotel from when it was first quietly being offered to the market late last year, to after its launch on the open market in January.
His colleague Nick Macfie said the Park Hyatt was among Melbourne’s most impressive hotel offerings, and while a handful of local hotels like the Grand Hyatt with vast numbers of rooms available could “pip it”, it was unclear when a pricier offering might next hit the market.
“I would think Melbourne, this will be the biggest deal for a hotel for some time,” Mr Macfie said.
“And potentially in Australia it will be the biggest for a while.”
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