’ Group Chief Operating Officer, Chris Sedgwick, said there was a new ‘vibe’ in Docklands (both figuratively and literally), with the harbourside precinct set to benefit from increased investment.
“TFE Hotels has established roots in Docklands, having operated the mid-scale Travelodge brand on Aurora Lane since 2010,” he said. “Last year, we partnered with Capital Alliance to kickstart the development charge, announcing plans to build a first-of-its-kind mixed-use, $340M dual-hotel development in Docklands.”
Adding to the urban renewal, Marvel Stadium recently announced a $250M upgrade – which will include enhanced visitor experiences, including an expanded civic space for community events to encourage “365-day” use of the precinct; whilst Development Victoria and the AFL announced joint plans to create a mixed-use development that will also help transform the waterfront precinct. Developer MAB has also recently announced plans for a proposed five-storey tower development and pocket park next to Docklands Primary School in what is touted as the “creation of a new and diverse neighbourhood.”
“These exciting developments – together with the precinct’s tourism attractions, art trail, winter fireworks extravaganza, and strong event calendar, including Firelight Festival and the return of the Melbourne Boat Show – will help reinvigorate the precinct for visitors and locals alike,” Sedgwick said. “And TFE Hotels will be well placed to ensure visitors have world-class accommodation and dining experiences when they stay.”
The addition of the 273-room Vibe Melbourne Docklands – formerly the Sheraton Four Points – gives TFE and MA Financial Group, a strong upscale offering in the revitalised precinct and will help MA Financial seed the launch of the MA Accommodation Hotel Fund, an open-ended fund for wholesale investors targeting high quality assets.
“We’re thrilled to build on our substantial hospitality investment portfolio with this new acquisition,” MA Financial Group’s Managing Director, Anthony O’Hea said. “Hotels in Australia have seen a dramatic post-COVID recovery, with hotel revenues in line with, or exceeding, pre-COVID levels despite international short-term visitor arrivals having only recovered to approximately 75% of their volume. This combination of resilience, current asset pricing and the opportunity for more growth makes for a compelling investment proposition.”
Sedgwick said the new Vibe Hotel Melbourne Docklands – which is a short stroll to Marvel Stadium, shopping, harbourside dining, and entertainment – offered a dedicated conference space; incredible leisure facilities and floor-to-ceiling windows and views of the Yarra River, waterfront, and City of Melbourne.
The hotel will begin operating under TFE management from 8 April 2024.
