The Malaysian developer of the high-rise Shangri-La Melbourne has put the under-construction 500-room hotel on the market with an asking price of around $500 million.
The per-room price of $1 million, if achieved, would set a record for the city at a time when the performance of major CBD hotels, while improving, is still a long way short of pre-pandemic highs.the twin-tower development it is building at 308 Exhibition StreetAgent Gus Moors from Colliers said the 60-level hotel was due for completion in early 2024 and that he expected a mix of international and domestic interest in the asset.
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