This article is from the Australian Property Journal archive
PRIVATE Singaporean investment group Sunland Australasia Properties has forked out $16.5 million for a Perth CBD hotel.
JLL Hotels & Hospitality Group’s senior vice president investment sales Aaron Desange negotiated the sale of Criterion Hotel on Hay St.
The 3.5-star hotel features 69 guest rooms, a ground floor restaurant and bar, basement bar and bottle shop and conference room.
Desange said the Perth CBD hotel investment market continues to attract the attention of offshore buyers.
“Similar to other recent hotel transactions in the Perth CBD, the Criterion Hotel attracted wide ranging investor enquiry from South-East Asian, Chinese and domestic investors. Furthermore, we are continuing to see new entrants to the market, many of whom are well capitalised and in a position to acquire sizeable hotel assets immediately.
“The purchasers were drawn to the location of the hotel and could see immediate trading upside opportunities, particularly given its close proximity to several large scale developments under construction including the Treasury Precinct, May Holman Centre and FESA House,” he added.
“Mid-scale boutique hotels that are available with vacant possession and have the ability to be repositioned are exceptionally desirable to purchasers. Groups understand the value-add options that these assets offer and the scarcity of them becoming available,” Desange said.
Property Review
