The conditional sale and purchase agreement for the Melbourne Airport Hilton continues Pan Pacific's expansion in the Oceania region.
The Singapore-based Pan Pacific hotel has agreed to buy the Melbourne Airport Hilton Hotel for $109 million.
The group's strategy is to extend its Pan Pacific and Parkroyal brands in North America, Oceania, Greater China and Asia.
Earlier this year, Pan Pacific announced its entry into Australia with three hotels - Parkroyal Darling Harbour, Sydney, Parkroyal Parramatta, and Pan Pacific Perth (opening 6 January 2011).
Currently owned by Mulpha Australia Limited and managed by Hilton Hotels & Resorts, the Hilton Melbourne Airport hotel is the only airport hotel in Australia that has direct connectivity with the terminal building. Located on top of the airport's main car park, the hotel has 276 rooms, two restaurants and a bar, 14 meeting rooms, business and gym facilities.
Pan Pacific Hotels Group is assessing opportunities to rebrand the hotel a Parkroyal after the hotel management agreement with Hilton Hotels & Resorts ends next year.
"This acquisition in a key gateway city like Melbourne demonstrates our commitment to growing in the Australian market," said A. Patrick Imbardelli, President and Chief Executive of Pan Pacific Hotels Group. Source