Success City, a subsidiary of Pan Pacific Hotels Group, has confirmed that it has acquired the Hilton Melbourne Hotel in Australia.
Success City, a subsidiary of Pan Pacific Hotels Group, has confirmed that it has acquired the Hilton Melbourne Hotel in Australia.The property, which may be convenient for those taking flights to Melbourne, was sold for $141.6 million by Malaysia’s Mulpha Hotel and could fit with Success City’s long-term expansion plans.
It is expected that the 276-hotel will be managed under the Park Royal Brand and the company is hopeful that the acquisition will lead to an enhanced brand profile and better economies of scale.
Pan Pacific also confirmed that bank borrowings and internal resources will finance the purchase, which has yet to be formally approved by Foreign Investment Review Board of Australia.
The group recently announced plans to increase the number of hotels it operates across North America, Asia, Greater China and New Zealand.
Hilton Melbourne Hotel is connected by a walkway to the airport and is 20 minutes from the centre of Melbourne.
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