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LaSalle Buys $218M Melbourne Hotel

LaSalle Investment Management, on behalf of the LaSalle Asia Opportunity Fund III, has bought Novotel Melbourne and the adjoining retail shopping centre, Australia on Collins.

LaSalle Investment Management, on behalf of the LaSalle Asia Opportunity Fund III, has bought Novotel Melbourne and the adjoining retail shopping centre, Australia on Collins, Investor Daily reports. The company paid $218 million for the properties, which were owned by Thakral Holdings Group.

Accor will continue to manage the hotel under the Novotel brand, with a new hotel management deal struck with LaSalle. Craig Collins, CEO of Jones Lang LaSalle Hotels, represented Thakral in the deal, adds The Asset.

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