TFE Hotels is set to open a second Vibe hotel in Melbourne, this time at the city’s developing Docklands precinct, following the rebranding of a 273-room hotel.
From April 8, TFE Hotels will begin operating Vibe Hotel Melbourne Docklands and Storehouse Docklands restaurant, with new owners, MA Financial Group.
Formerly the Sheraton Four Points, the 273-room hotel will deliver a strong upscale offering, a dedicated conference space; leisure facilities including a rooftop pool; and floor-to-ceiling windows offering views of the Yarra River, waterfront, and the city.
The Vibe brand first launched in Melbourne in 2004, and the latest Vibe offering joins a growing collection of hotels in Melbourne Docklands, including Travelodge.
“TFE Hotels has established roots in Docklands, having operated the mid-scale Travelodge brand on Aurora Lane since 2010,” said TFE Hotels Group Chief Operating Officer, Chris Sedgwick.
“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.”
Among the major development projects that will get underway in the area over the coming years is a AU$250 million Marvel Stadium upgrade, which will include an expanded civic space for community events to encourage greater use of the precinct on a day-to-day basis.
Meanwhile, Development Victoria and the AFL are engaged in joint plans to create a mixed-use development, while developer MAB also recently announced plans for a proposed five-storey tower development and pocket park next to Docklands Primary School.
“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,” said Sedgwick.
“And TFE Hotels will be well placed to ensure visitors have world-class accommodation and dining experiences when they stay.”
For MA Financial Group, Vibe Melbourne Docklands marks the launch of an open-ended fund for wholesale investors targeting high quality assets, MA Accommodation Hotel Fund.
“We’re thrilled to build on our substantial hospitality investment portfolio with this new acquisition,” said MA Financial Group’s Managing Director, Anthony O’Hea.
“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.”