Mercure Pakenham sold on tight yield

JUST a few months after opening, the freehold of the Mercure Pakenham, in Melbourne’s outer south east, has sold for $15.8 million. A Melbourne-based private family snapped up the three-storey, 64-room hotel, which was put to the market in November, on sharp passing yield of 5% and with a leaseback for 20 years. It sits […]