International interest for Perth's hotel investment market
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International interest for Perth's hotel investment market
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Category: Asia Pacific
This is a press release selected by our editorial committee and published online for free on 2008-02-25
The Emerald Hotel Perth has been acquired by The Straits Trading Company Limited through its wholly owned subsidiary Rendezvous Hotels Management Pty Ltd for $25.1 million. Through Jones Lang LaSalle Hotels’ Mr Mark Durran and Colliers International’s Mr Greg O’Meara, settlement of the property is expected to occur on 1 April 2008.
The hotel, currently a Best Western property, was purchased in a complex transaction from 60 individual strata titled owners. Located on Mount Street close to St Georges Terrace in Perth’s CBD, the property features 101 guest rooms in total, a restaurant and conference facilities.
“The Hotel will undergo a major refurbishment and will be operated within the Rendezvous Hotels & Resorts International Group as part of The Marque Collection of Hotels,” said Mr Durran. He added, “The Emerald Hotel Perth is the second major hotel to be sold in Perth in recent weeks with the 84 room Chifley Hotel selling for $26.5 million to another Singaporean investor.”
“We received extensive buyer interest with eleven bids lodged, mostly from international and east coast investors attracted by the city’s continued strong growth outlook,” said Mr Durran.
Asian buyers have returned to Australian shores, accounting for 35% of total hotel transaction activity during 2007 – a significant increase on the 4% recorded during 2006.
“Australian Bureau of Statistics (ABS) most recent tourist accommodation performance data showed that Perth hotels recently achieved the highest occupancy rates in Australia and the strongest RevPAR growth in the order of 23%,” said Mr Durran.
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