Wyndham Hotel Group has revealed Melbourne's CBD as the location of its next "hybrid" property, as it committed to continue its aggressive regional expansion.
The hospitality firm confirmed the asset acquisition and management agreement of the site located at the corner of William Street and Little Bourke Street where a 531-apartment high-rise complex is currently under construction. It will be named Wyndham on William.
The project, due to open in mid-2014, represents an investment of more than $40 million, chief executive and managing director of Wyndham Vacation Resorts Asia Pacific and Wyndham Hotel Group South Pacific, Barry Robinson told Travel Today.
It will be run as a "mixed-use" property, in collaboration with sibling company Wyndham Vacation Resorts Asia Pacific. The studio, one, two and three-bedroom apartments will be used for both short-term and residential accommodation, providing accommodation for both hotel guests and members of Wyndham's time share scheme.
Although the firm has introduced five such properties into the Australian market since 2008, Robinson described the newcomer as an "exciting first" for both companies.
"We are very excited to announce our move into a prime Melbourne CBD location, with this mixed-use property creating an outstanding opportunity for our WorldMark South Pacific Club owners and Wyndham Hotel Group guests to expand their accommodation options," he said.
The property represents Wyndham's fourth Australian acquisition in an 18-month period, with the firm on the look out for additional opportunities, including management and franchise deals.
The Melbourne property is currently under construction by international developer Hengyi Australia Pty Ltd.