Perth

Singaporean group swoops on holiday investment in Perth CBD hotspot

One of Singapore’s wealthiest private groups, Legend Land Perth Pty Ltd, has snapped up the Holiday Inn City Centre Perth.

26 Mar 2018

One of Singapore’s wealthiest private groups, Legend Land Perth Pty Ltd, has snapped up the Holiday Inn City Centre Perth.

Located at 788 Hay Street, the 186-room hotel is currently operated by the Intercontinental Hotel Group (IHG) on a long-term basis. IHG has a strong foothold in the Perth CBD, with the recently opened, five-star Intercontinental Hotel located in the same Hay Street precinct.

The Holiday Inn City Centre Perth represents the incoming purchaser’s first foray into the Australian market.

CBRE Hotels’ Rob Cross said the sale highlighted an upturn in investment activity in the Perth hotels market.

“Whilst Perth will continue to see additional supply in the foreseeable future, notably the Ritz Carlton and Westin hotels, the past 12 months has seen improvement in the commercial vacancy rate. Combined with signs of recovery in the mining sector and strong tourism numbers, Perth is looking more compelling from an investment perspective in the medium to longer term.”

The vendors, Hub Land Dato Pty Ltd, acquired Holiday Inn City Centre Perth in 2009 for $44 million from Eureka Funds Management. In recent years, the owners have completed a full refurbishment of the hotel and added the popular Ivy & Jack restaurant fronting Hay Street. 

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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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.