Singaporean group swoops on holiday investment in Perth CBD hotspot
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Singaporean group swoops on holiday investment in Perth CBD hotspot
One of Singapore’s wealthiest private groups, Legend Land Perth Pty Ltd, has snapped up the 168-room Holiday Inn City Centre Perth for a reported $65 million.
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Image supplied by IHGHoliday Inn City Centre Perth has sold for a reported $65 million. -
Image supplied by IHGHoliday Inn City Centre Perth has sold for a reported $65 million.
Located at 788 Hay Street, the 186-room hotel is currently operated by the Intercontinental Hotel Group (IHG) on a long-term basis. IHG has a strong foothold in the Perth CBD, with the recently opened, five-star Intercontinental Hotel located in the same Hay Street precinct.
The Holiday Inn City Centre Perth represents the incoming purchaser’s first foray into the Australian market.
CBRE Hotels’ Rob Cross said the sale highlighted an upturn in investment activity in the Perth hotels market.
“Whilst Perth will continue to see additional supply in the foreseeable future, notably the Ritz Carlton and Westin hotels, the past 12 months has seen improvement in the commercial vacancy rate. Combined with signs of recovery in the mining sector and strong tourism numbers, Perth is looking more compelling from an investment perspective in the medium to longer term.”
The vendors, Hub Land Dato Pty Ltd, acquired Holiday Inn City Centre Perth in 2009 for $44 million from Eureka Funds Management. In recent years, the owners have completed a full refurbishment of the hotel and added the popular Ivy & Jack restaurant fronting Hay Street.
Click here to view the Holiday Inn City Centre Perth website.
Click here to view Rob Cross' profile on The Hotel Conversation.
To discuss the sale in more detail phone or email Rob Cross of CBRE via the below contact details.
See also:
South Perth waterfront hotel sale offers landmark 1.15ha development site
