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News release

Perth

Perth CBD Hotel Sold


Perth, 27 May 2013 - The Perth hotel investment market has witnessed a strong start to the year with another sale recently completed. The City Waters Hotel has changed hands for $12.25 million selling to a private local company. The deal was negotiated by Aaron Desange, Senior Vice President, Investment Sales of Jones Lang LaSalle’s Hotels & Hospitality Group.

Ideally located near the corner of Hill Street and Terrace Road, the hotel currently features 63 guest rooms which overlook Langley Park and the Swan River. The property is within easy walking distance from the heart of the CBD and Perth’s entertainment hubs.

Mr Desange said “The marketing campaign attracted very strong interest from South-East Asian, Chinese and domestic investors, with a number of these groups competing for the property. We have started to see a recovery in domestic private and high net worth investors over the past six months including a number of new and well capitalised entrants seeking hotel representation in Perth.”
“The City Waters Hotel has a strong and consistent trading history and sits on a substantial site of 2,797sqm. The purchaser understood the unique medium to long term growth prospects the asset offers and will look to capitalise on these exciting opportunities.” added Mr Desange.

This transaction follows the recent sale of other Perth hotel assets including Esplanade Hotel Fremantle to Primewest and Esplanade River Suites to the Narada Hotel Group, both transactions were negotiated by Jones Lang LaSalle.​