The Hong-Kong based company, Gaw Capital Partners, has confirmed the purchase of Australian firm, Bell City, for $113mn in Melbourne’s Preston precinct through GCP Hospitality, China Money Network reports.
Gaw Capital Partners, which specialises as a real estate private equity firm, will utilise its hospitality arm, GCP Hospitality, to focus on adding strategic value to under-used properties in the global market.
GCP is responsible for over 39 properties and offers services such as hotel management, asset management, and business development services in major cities including San Francisco, Perth, Bangkok, Beijing, Yangon, and Singapore.
“We are excited about the opportunities this acquisition presents,” said Kenneth Gaw, president and managing principal of Gaw Capital Partners.
“In addition to giving us a foothold in the Melbourne market, this major hospitality asset will allow us to effectively roll out multiple concepts within the same project.”
“After this acquisition, we look forward to further expansion opportunities in the Australia market.”
Bell City, which is situated nearby to Melbourne Airport, offers two hotels under the Mantra and BreakFree umbrella with a total of 844 guestrooms available.
“We are delighted to expand our footprint in Australia with this new acquisition,” said Christophe Vielle, CEO & co-Founder of GCP Hospitality.
“The increasing demand for modern community living concepts will allow us to introduce within Bell City an in mode ‘co-living’ concept as well as roll-out our student shared accommodation concept – Campus – which has been successfully launched in Hong Kong and is due to open in Perth’s city center in January 2019.”