Roxy-Pacific Holdings and Park Hotel Group said on Wednesday they signed a management deal to open the Park Hotel Melbourne in 2022.
Teo Hong Lim, executive chairman and CEO of Roxy-Pacific, said in a statement filed to SGX on Wednesday that the new hotel was part of the Singapore-listed property developer’s efforts to increase its recurring income streams.
Lim added that tourism to Australia is expected to continue to show strong growth, which bodes well for the hotel.
The deal increases Park Hotel Group’s portfolio to nearly 20 hotels in operation or under development, the filing said.
Allen Law, CEO of Park Hotel, said in the statement that he was optimistic on the outlook as Melbourne had seen over 80 percent hotel occupancy in 2018.
The 23-storey Park Hotel Melbourne will have 319 guest rooms and suites, a lobby lounge, a restaurant and bar, fitness center and five function rooms which can be combined into a ballroom, the filing said.
Park Hotel Group is a Singapore-based hospitality management company.
Roxy-Pacific primarily develops residential and commercial properties for sale, but it also gets recurring income from its hotels and its retail shops.