Sale of Perths newest upscale hotel to tap growing investment interest in the hotel sector
Sale of Perth's newest upscale hotel to tap growing investment interest in the hotel sector
| 27 March 2019
Three months after welcoming its first guests in December, Perth’s newest four-star hotel, DoubleTree by Hilton Perth-Northbridge, has been listed for sale by CBRE Hotels.
Malaysian-based developer SKS Group has appointed CBRE’s Aaron Desange, Ryan McGinnity and Chloe Mason to market for sale the brand-new hotel, which is located in the heart of Perth’s entertainment and cultural precinct, Northbridge.
The hotel, which is located on a site area of 1,666sqm, features 206 guest rooms over 15 levels. It is subject to a 15-year management agreement with Hilton Hotels, which manages an existing four venues under the DoubleTree brand in Melbourne, Cairns, Darwin and Alice Springs.
SKS Group is currently developing what will become the next venue under the brand, Doubletree by Hilton Perth-Waterfront.
Mr McGinnity said the sale coincided with an exciting period of growth in Perth’s hotel market.
“The opportunity to purchase DoubleTree by Hilton Northbridge is expected to attract demand from both offshore and local groups, following in the path of major transactions, including Holiday Inn Perth, Aloft Perth and Westin Perth,” Mr McGinnity said.
“Hilton has been operating in WA for more than 50 years through the Parmelia Hilton Perth, with its commitment to DoubleTree by Hilton Perth-Northbridge and DoubleTree by Hilton Perth-Waterfront further evidence of its confidence in the local market.”
Mr Desange said the sale represented an outstanding opportunity to acquire a world-class hotel in a premier location.
“DoubleTree by Hilton Perth-Northbridge is an outstanding new hotel located at the heart of Perth’s rapidly evolving cultural and entertainment precinct. Its premier location offers easy access to Perth’s office district, capturing both the corporate market and catering to leisure guests,” Mr Desange said.
“Perth is quickly becoming the beneficiary of purchasers being priced out of Sydney and Melbourne and is now considered to be a market in the growth phase of its economic recovery. Investors are spending more time concentrating on Perth acquisitions to ensure they can deliver targeted returns.”
The hotel is being offered for sale via expressions of interest closing Tuesday 30 April 2019.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.