Australia: lyf Collingwood, the first Australian property under Ascott’s coliving brand, is up for sale 17 months after opening.
Developer Urban has listed the property, which sits within a larger mixed-use project at 42 Oxford Street, in the Melbourne suburb of Collingwood.
It opened in May 2022 with 105 rooms and shared amenities including a communal kitchen, social lounge and guest laundry. The project’s larger mixed-use element contains boutique office spaces and two restaurants. There are also 35 apartments in the building that are not included in the sale.
The hotel is near Collingwood’s Smith Street, which was voted the Coolest Street in the World in 2021 by Time Out.
Ascott will continue its lease of the property under its lyf coliving brand.
CBRE Hotels’ Tom Gibson, Michael Simpson and Scott Callow will handle the sale with Gross Waddell ICR’s Danny Clark, Michael Gross and Glenn Ye.
Gibson said: “This is an excellent opportunity to secure a brand-new hotel asset in one of Australia’s best performing RevPAR markets, leased to one of Singapore’s largest hospitality companies, The Ascott Limited. Melbourne has proven its resilience as a hotel market in 2023, emerging as one of Australia’s strongest RevPAR growth markets after a 30.8 per cent increase for the year-to-date through July 2023 when compared to the same period through 2022.”
An expression-of-interest campaign will close on October 5, 2023.
