Melbourne's Prince Of Wales Hotel Has Been Sold

St Kilda's Prince Of Wales Hotel, which has been on the market since October last year, has found a buyer at last, selling for a fittingly royal sum of $45 million to Chinese investors, it has been reported.

The four-storey venue houses popular haunts the Prince Bandroom and Prince Public Bar in addition to accommodation, acclaimed restaurant Circa and a day spa. As Fairfax reports, it has been bought by Port Melbourne-based firm Pub Li City, registered to Jiyuan Louis Li, a Chinese-born national, and two other shareholders, Jie Li and Wenxiu Zhao.

The present tenants' lease extends to 2021, so — for the immediate future, at least — the venue's legacy as a prime space for live music will continue unabated, though the lease on the Prince's adjoining car park is up in three months' time, with Fairfax speculating that could lead to further property development proposals.

Best you make of the space every chance you have, at any rate — Danny Fernandez and Dominique perform in the Prince Bandroom tonight, and La Beatles Boheme and Joel Fletcher round out the next couple of days. For more information about what's on at the Prince, head to theGuide or see The Music App.