The sale of the Westin Hotel in Melbourne has been officially crowned the ‘Deal of the Year’ at the 20th annual Hotel Investment Conference Asia Pacific (HICAP) in Hong Kong.

Settled earlier this year, the sale of the Westin for $160 million by CB Richard Ellis (CBRE) represents the largest hotel investment deal in Australia year-to-date.

“The strong collaboration between our Melbourne, Sydney and Singapore offices allowed us to maximise the price and finalise a deal at a time when few major investment sales were occurring throughout Australia,” selling agent George Nicholas said.

“By utilising our extensive hotel contacts in Australia and our offshore network of offices we were able to target the broadest range of potential buyers and conclude a sale within 12 weeks of the property being officially listed for sale.”

Candidates for the HICAP Deal of the Year Awards were nominated and selected by the HICAP Program Planning Committee. The leading nominations were then voted on by the estimated 700 delegates attending the conference.

Source: REB