Announcing its second hospitality acquisition in two months, Gaw Capital Partners is purchasing the Bell City mixed-use development in Melbourne for A$157 million (US$114 million) through funds under management and its hospitality arm, GCP Hospitality.
In July, the Hong Kong real estate and private equity firm acquired a 50 per cent stake in Spain’s Hospes Hotel Group, forming a joint venture with a Spanish investment company, Omega Capital.
The Bell City complex, located 20 minutes from Melbourne Airport and the CBD, consists of two hotels totalling 844 guestrooms under the Mantra and BreakFree brands, a conference complex, commercial tenancies, a 600-space car park and serviced offices.
GCP Hospitality will work to incorporate a ‘co-living’ concept with social areas, a co-working hub, a fitness centre, restaurants and bars, and an outdoor pool.
The group will also roll out its modern student shared accommodation brand, Campus, which has been launched in Hong Kong with another opening slated in Perth come January 19, said Christophe Vielle, CEO & co-founder of GCP Hospitality.
Kenneth Gaw, president and managing principal of Gaw Capital Partners, said: “In addition to giving us a foothold in the Melbourne market, this major hospitality asset will allow us to effectively roll out multiple concepts within the same project. After this acquisition, we look forward to further expansion opportunities in the Australia market.”
GCP Hospitality’s brands include Hotels G, The Strand Hotel & Cruise, Campus Co-Living Hubs, Hospes Hotels (JV in Spain) and Journal Hotels (JV in USA). It currently runs over 39 properties with 7,450 keys worldwide, and has regional offices in Bangkok, Beijing, Hong Kong, Perth, San Francisco, Singapore and Yangon.