Tourism Breaking News
Action Hotels, the owner, developer and asset manager of branded three and four-star hotels in the Middle East and Australia, has announced that it has secured a long-term, 92-year lease on a plot of land at Melbourne Convention and Exhibition Centre for the development of a new four-star hotel. The new hotel, which is expected to open in Q1 2018, will comprise 317 rooms and 14 apartments, making it the second largest hotel in Action’s portfolio. The hotel will be Action’s fourth property in Australia and third in Melbourne. The approximate total project cost is $69 million, which Action will fund partially through a new debt facility for the project and partially through existing resources.
The Melbourne Convention and Exhibition Centre is the largest convention centre in the Southern hemisphere and currently accommodates over 5,500 delegates, last year hosting 1,030 events and attracting over 680,000 attendees.
