Hyatt announces new hotel development for Springvale

May 18, 2018 by  

The vibrant multicultural hub of Springvale in Melbourne’s south east has been announced as the home of a new high-end hotel carrying the prestigious Hyatt Place brand.

To be developed by leading boutique investment management firm PE Capital, the hotel will be a mixed-used complex with retail stores and coworking facilities for businesses such as letterheads and brochure printing stores.

PE Capital has stated its reason for choosing the area was based on it being one of the busiest intersections in Melbourne. With its proximity to Monash University, Monash Hospital and many other academic and medical institutions, the area currently supports around 75,000 jobs and contributes $9.4bn to the Victorian economy.

Apart from its world-renowned university, most Melbourne locals know Springvale as a culinary destination, with many restaurants offering Asian cuisine. Local Mayor Youhorn Chea noted the development demonstrates the confidence high end brands and investors have in the local economy, which is undergoing a wider transformation. Renovations to the old town hall were recently completed and construction has commenced on the Springvale Community Hub which will include extra parking, green spaces and a new public library.

PE Capital’s Hyatt development is projected to amount to a total investment of $113m. The hotel is expected to be completed by 2020.