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News release


Highly sought after Criterion Hotel sells

JLL negotiates sale of the Criterion Hotel, Perth for $16.5 million

​The Perth CBD hotel investment market continues to attract the attention of offshore buyers with another transaction taking place. The Criterion Hotel has sold for $16.5 million to Sunland Australasia Properties Pty Ltd – a private Singaporean investment company.

​The deal was negotiated by Aaron Desange, Senior Vice President - Investment Sales, JLL's Hotels & Hospitality Group.​

Ideally situated on Hay Street, the 3.5-star hotel features 69 guest rooms, a ground floor restaurant & bar, basement bar & bottle shop and conference room.

Mr Desange said, "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." added Mr Desange.

"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." said Mr Desange.