SINGAPORE - Property group Roxy-Pacific Holdings has signed a management deal with Park Hotel Group to open Park Hotel Melbourne in 2022, it said in a bourse filing on Wednesday afternoon (March 27).
The 23-storey newly-built hotel will contain 319 guest rooms and suites, and five function rooms that can combine into a ballroom to accommodate meetings and events for 20 to 200 people. Other amenities include a lobby lounge, a concept restaurant, a bar with alfresco terrace seating and a fitness centre.
The deal brings Park Hotel Group's portfolio to nearly 20 hotels in operation or under development.
Teo Hong Lim, executive chairman and chief executive officer of Roxy-Pacific, said the new hotel is a continuation of the group's strategic efforts to strengthen its hospitality, and is in line with its plans to grow its stable of recurring income streams.
"As a popular tourist destination, tourism in Melbourne grew significantly in 2018. Going forward, Australia's tourism and hotel sector is expected to record strong growth in the coming years, likely to exceed the country's broader economic growth, and should augur well for the new hotel," Mr Teo said.
Allen Law, chief executive officer of Park Hotel Group, added: "Backed by strong fundamentals and increased demands in the domestic and international visitor markets, I am optimistic and excited for Park Hotel to be a part of the vibrant hotel landscape of Melbourne, which has seen over 80 per cent hotel occupancy in 2018."
The hotel - on Little Bourke Street - is designed by Melbourne-based architectural and interior design firm Bates Smarts, and will draw inspiration from the street and its neighbourhood.
The hotel façade will reflect the old red brick warehouses and architecture in the surrounding precinct, while the interior will draw inspiration from Kirk's Bazaar, a horse and livery trading centre in the mid-1800s within the vicinity. The hotel is also near shopping places such as Emporium Melbourne and Bourke Street Mall.
Roxy-Pacific Holdings shares last closed at $0.40 apiece, up one cent as of 2.26pm on Wednesday.