Vicinity Start Chadstone Hotel
Vicinity Centres (Vicinity, ASX:VCX) announced this week that AccorHotels Group has been appointed operator of the 13-storey hotel to be built adjacent to Chadstone Shopping Centre, under the premium MGallery by Sofitel brand. AccorHotels Group, Australia’s largest hotel operator, was appointed following an international search for a leading tourism operator. MGallery by Sofitel has 88 hotels globally, with 10 across Australia.
The hotel at Chadstone will have 250 rooms, conferencing and meeting room facilities, a ballroom capable of hosting functions for up to 400 people, two restaurants, a lounge bar and health and wellness facilities including a pool, day spa and gym.
To be located between the main shopping centre and the recently built commercial office tower, the hotel will be designed by leading Melbourne based architects Bates Smart and will be built to a 5-Star Green Star As Built rating, making it the first hotel in Australia to target a 5-Star Green Star rating using the new generation Green Star - Design/As Built v1.1 rating tool.
Expected to open in late 2019, the hotel will be a key element in the evolution of Chadstone. The forecast initial yield of the project is greater than 6%, with satabilised (year three) yield of greater than 8%.