Third time lucky? Original hotel asking price cut by $10m
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In a sign of the times, the asking price for the Ibis Budget Melbourne CBD hotel has dropped by more than $10 million since it was first offered for sale four years ago.
Well Smart Investment Holdings has put the 146-room property back on the market after previously trying to sell it in 2017 for more than $35 million before having another dig at $30 million plus in mid-2019.
Third time lucky? The Ibis Budget Melbourne CBD hotel is back on the market and this time the vendors say they are determined to sell.
Ibis Budget latest hotel to hit the market
March 13, 2021 12.00am
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The Ibis Budget on Elizabeth Street is the latest hotel to hit the market, amid a slew of COVID-19-affected hotels up for sale.
Singapore-based Well Smart Investment Holdings tried to sell the CBD holding in mid-2019 and has come back for a second go, just in time for the federal government’s interstate air travel voucher scheme.
Luxury car dealer Lasath Algama is selling the 2645 sq m landholding at 135-149 Burwood Road.
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It’s at the cheaper end of the market and is likely to fetch between $23-$25 million.