Amber Property Group has sold its new purpose-built hotel in Ringwood Melbourne, Australia, to Serene Capital.
The deal was brokered by JLL’s Hotels & Hospitality Group in collaboration with Stonebridge Property Group, as per The Hotel Conversation.
The financial details of the deal remain undisclosed.
Amber Property Group CEO Rachael Brady said: “We are thrilled to be passing on this outstanding hotel to such an experienced operator who we know will do a fantastic job in harnessing the potential and really driving growth for the asset.”
Sebel Melbourne Ringwood has 103 guest rooms and suites, a restaurant and bar, conference and events space, a gym, and on-site car parking.
The sale included vacant possession of hotel management.
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In addition, Serene Capital is set to conduct a final capital raise for Serene Capital Hotel Fund 1, with the fundraising closing on 30 September 2024.
This capital injection will facilitate an additional acquisition of the fund.
Serene Capital CEO and co-founder Glen Boultwood said: “Serene Capital is delighted to add what will be known as the Rydges Ringwood, as the 13th asset in its flagship hotel fund, Serene Capital Hotel Fund 1.
“The property is by far the best quality hotel in Ringwood and will withstand the test of time. We commend Rachael and her team for their professionalism in navigating the sale process to ensure it was concluded in a very efficient manner and for building to such a high standard.”
In March this year, JLL’s Hotels & Hospitality group represented the seller and secured the buyer for the Hyatt Place Pittsburgh Airport/Robinson Mall deal in Pittsburgh, Pennsylvania.
