Hiap Hoe sells Melbourne hotel for $83m

The company will use the proceeds to repay bank borrowings and fund working capital.

Hiap Hoe has sold Four Points by Sheraton, Melbourne Docklands to WFM Financial Holdings for $83m (A$96m).

Hiap Hoe will use the proceeds to repay its bank borrowings and for working capital use.

Melbourne Docklands is located on a waterfront at the edge of Victoria Harbour, overlooking the Melbourne Central Business District.

Hiap Hoe acquired the waterfront site on 2 December 2013 and subsequently developed it into the hotel, which opened on 28 March 2017.

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