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Singapore’s sovereign wealth fund GIC and and American hospitality giant Host has divested a 4.5-star hotel in Perth, Australia to Singapore-listed Bonvests Holdings Ltd for AU$91.5 million (S$91.8 million.
The joint-venture partners bought the 278-room hotel for AU$61 million (S$61.08 million) in March 2012. Thereafter, they spent AU$22 million (S$22.03 million) to upgrade the property and rebrand it into Four Points by Sheraton Perth, which is currently under the management of Starwood until 2027.
Built in 1985, the property occupies 2,742 sq m of freehold land. According to media reports, GIC is selling its 75 percent ownership, while Host is divesting the remainder under the transaction brokered by CBRE.
Meanwhile, the transaction marks the maiden venture of Singapore-listed Bonvests into Australia. The company owns several residential and commercial properties locally, including the Sheraton Towers Singapore hotel. It also has four hotels in Tunis, Maldives, Mauritius and Zanzibar, under The Residence by Cenizaro brand.
“The rationale of this acquisition is to continue to build the group’s portfolio of hotels to grow its revenue base in a sustainable manner by adding resilient hotels in gateway cities,” it said in an SGX filing.
Image: Four Points by Sheraton Perth (Source: CBRE)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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