By Ian Neubauer
Melbourne’s iconic Prince Hotel has been listed for sale on a leaseback basis through Jones Lang LaSalle Hotels.
The freehold property was placed on the market following a decision by co-owners John and Frank van Haandel to separate their joint businesses so their respective families can pursue their own interests.
“The Prince has been in the family for the past 15 years, and coupled with its reputation, prime location and strong operator covenants, the asset will attract the most interest of any [hotel] transaction in Melbourne for 2008,” said Jones Lang LaSalle Hotels senior vice president, John Musca.
“The proven sustainability of the diverse income streams ensures this secure freehold investment will be highly sought after by strategic investors, high net worth individuals, investment funds and those with an eye to future development.”
On the corner of Acland Street and Fitzroy Street in St Kilda, The Prince features a 40 room 5-star boutique hotel, a restaurant called Circa the Prince, the Prince Public Bar, Aurora Spa Retreat, The Prince Deck, Il Fornaio café, Mink, the Prince Bandroom and a multi-level car park for about 270 vehicles.
It also has development approval for 24 luxury residential apartments and 12 serviced apartments on-site adding significant value for an incoming investor.
Expressions of interest close on December 10 if not sold prior.
