IN BRIEF | The Hilton Melbourne South Wharf will be rebranded as the Pan Pacific Melbourne later this year.
Singapore's UOL Group – which owns both the Pan Pacific and Parkroyal brands – will pay $230 million for property.
"The acquisition is part of the group's plans to expand its hotel property portfolio and hotel management businesses in the Oceania region" the company said in a statement.
"The property will allow the group to have a bigger presence in the city of Melbourne in addition to its Parkroyal Melbourne Airport.", adding that "the acquisition may also allow the group the opportunity to enhance the collective operating efficiency of the group's current hotels in Australia, through economies of scale and greater brand awareness of 'Pan Pacific' and Parkroyal."
This will be the brand's second property in Australia, alongside the Pan Pacific Perth.