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News release


One of Perth’s leading hotels offered for sale

Perth, 8th February 2012 - One of Perth’s leading hotels, the Novotel Langley Perth, has been put to the market by Tourism Asset Holdings Limited (TAHL) in a move to capitalise on the increasing investor demand for hotel assets located in Western Australia. Jones Lang LaSalle Hotels will exclusively market the asset for sale.

Ideally located in the Perth CBD and within close proximity to the city’s major existing and future demand generators, the 4.5 star Novotel Langley Perth is one of the most well-recognised and strongest performing hotels in Perth.
Currently offering 253 contemporary guest rooms, the hotel has three new additional guest rooms under construction that are due for completion in May 2012. Guest facilities include approximately 850sqm of dedicated conferencing facilities, a restaurant & bar, renowned Irish pub and a full range of recreational amenities.

Matthew Eady, CEO, Tourism Asset Holdings Limited, said, “TAHL has received significant, unsolicited buyer interest and inquiry for some time now about the Novotel Langley Perth.  The hotel has performed exceptionally well for us and it is already trading materially above its strong budget for 2012.  The sale of this asset will allow TAHL to continue to rebalance its portfolio weighting as the leading hotel owner in Australia, whilst still retaining 6 West Australian hotels given our ongoing belief in the region and the resources sector.”

Jones Lang LaSalle Hotels anticipates the sale of the hotel will draw significant attention from investors globally as they compete for a foothold in Australia’s best performing hotel market.

Craig Collins, CEO – Australasia, Jones Lang LaSalle Hotels said, “Perth hotels have recorded the highest RevPAR growth of any Australian city over the past year, underpinned by the continued strength of the mining and resources sector. Significant investment has also been devoted to the transformation of Perth, particularly in the CBD, and this should generate additional demand for accommodation over the short to medium.” He added, “With the combination of a benign supply pipeline of new hotel development and the continued strengthening in both corporate and leisure demand, Perth hotels are well-positioned for robust growth moving forward.”

Aaron Desange, Vice President Investment Sales, Jones Lang LaSalle Hotels said, “The Novotel Langley Perth has historically traded above-market. With its strategic location close to the major office towers of Perth and future demand generators including the Perth Arena, Waterfront Development and Riverside, we expect the hotel to be hotly contested amongst investors looking to take advantage of the hotel’s positive trading outlook.”