LaSalle Investment Management has purchased the Novotel Melbourne for A$204m ($221m) from Thakral Holdings Group.

The contract includes a 380-room Novotel Melbourne on Collins Hotel and the adjoining 7,797m² Australia on Collins shopping centre, according to The Asset.

The property features nine conference and event spaces, a business centre, restaurant and bar, a fitness centre and direct access to Australia on Collins shopping centre.

The hotel will continue to be managed by Accor under the Novotel brand under a deal signed with LaSalle.

The acquisition follows LaSalle’s purchase of Sofitel Wentworth Sydney for A$130m ($142.5m) last year, which was acquired on behalf of the LaSalle Asia Opportunity Fund III.

The investment company has noted that it has set aside a further $1bn to pursue other investment opportunities.