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Third time lucky? Original hotel asking price cut by $10m

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. ....

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Ibis Budget latest hotel to hit the market

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. ....

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