Far East checks out of Perth hotel
Singapore listed Far East Orchard, part of the Far East Organisation empire, has sold the freehold going concern to the Rendezvous Hotel Perth Central.
The five level venue, with 103 4-star rated rooms, at 24 Mount Street, also facing St Georges Terrace fetched $18.414 million following a deal agreed in May.
Local outfit Chesterfield Property Group and Mountstreet Operations are the buyers.
The result is c$6.7m over book value.
The deal comes two years since Chip Eng Seng, now owned by Singapore’s Tang Dynasty Treasure sold the Mandurah Sebel, about 65 kilometres south of Perth’s CBD.
Ready to reinvest
Far East acquired the Rendezvous Hotel Perth Central in 2012 as part of a partnership with Straits Trading Company for three Australian assets (story continues below).
All up they cost $72m.
The other properties were in Sydney’s The Rocks: the retail-based mixed-use Clocktower Square and the Rendezvous Hotel.
Proceeds will be used to deliver a better return for shareholders, a spokesperson for the vendor, said.
“The improved liquidity would also allow the group to take advantage of any opportunities that present itself in the near future,” they added
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