On January 23, Fu Wah Group officially announced its acquisition of Hotel Park Hyatt Melbourne, entering the real estate market in Australia for the first time, which was the first step of Fu Wah’s overseas expansion strategy.
Hotel Melbourne Park Hyatt perfectly combines the Victorian and modern architectural styles. With an excellent location by the CBD, near the South Bank Restaurant, Melbourne Cricket Ground and the tennis and versatility center of Melbourne Park, it is a local landmark. This five-star hotel is one of Australia’s top well-known hotels developed by real estate developer Lustig & Moar in Melbourne with 150 million Australian dollars in 1999. It is known as one of the top hotels in Melbourne.
The hotel has 240 diverse rooms and parking lots, Radii Restaurant & Bar which has been awarded many prizes, multiple lounge areas, a banquet hall, a business center and six function rooms. Other leisure facilities include Park Club Health & Day Spa, a 25-meter-long indoor swimming pool and outdoor tennis courts.
Fu Wah Group’s President Mr. Chiu Yung said the acquisition of Hotel Park Hyatt Melbourne was the first successful step of Fu Wah’s overseas development strategy. Fu Wah will thus strengthen its global investment and management capabilities, and constantly pay attention to other overseas business opportunities to establish its own brand influence on the global market.
Senior Director of CB Richard Ellis Australia Hotel Service Department Mr. Wayne Bunz commented: “Melbourne is the first-choice destination for overseas capital investment in Australia. In 2013, the growth of revenue per available room in the hotel industry in Melbourne was the fastest compared with other CBD markets in Australia. This hotel is in an excellent location, and this has laid a solid foundation for Fu Wah to guarantee operating results in a tightening economic environment.”
Executive director of CB Richard Ellis’ China Region, Mr. Anton Eilers, said: “Australia’s hotel market is in steady development. Melbourne’s attractiveness as an investment destination, and Hotel Park Hyatt Melbourne’s unique reputation and status as a quality five-star hotel have prompted Fu Wah Group to reach this deal.”
The acquiring party, Fu Wah Group, was founded in 1988 in Hong Kong, involved in the fields of real estate development, high-end commercial property operations, culture and arts, investment etc. In Beijing’s core areas, it has created Beijing Jinbao Street, a commercial street of international standards which gathers the Regent Beijing, Lee Garden, and other high-end commercial properties. It has also built the prestigious China Red Sandalwood Museum.