Singapore’s Hiap Hoe is speculated to be paying more than $100 million for the Aloft Perth Hotel, and an adjoining office building, in Western Australia.
The Rivervale hotel (pictured, top) is one of numerous assets belonging to the late construction tycoon Len Buckeridge, which is being sold down by his family.
The Buckeridge estate, as it has become known in property pages this year, was created over more than 50 years and is worth an estimated $2.5 billion.
Since arriving in Australia in 2013, Hiap Hoe has been investing in Australian hotels, including the Four Points Sheraton in Melbourne’s Docklands which it acquired last year.
It has also bought offices – including one in Perth at 130 Stirling Street which set it back $90 million in 2014.
For a period Hiap Hoe owned a prime retail site in the Melbourne CBD at 206 Bourke Street.
The Aloft Perth, with 224 rooms trading as a Marriott, was one of two hotels in the Western Australian capital listed for sale. The other, the Westin Perth, is rumoured to be selling to Malaysian group YTL for about $200 million according to The Australian, which got the scoop on the speculated Hiap Hoe acquisitions.
The office adjoining the hotel is known as 25 Rowe Avenue (pictured top, left) and contains 10,377 square metres of area.
A construction and materials division of the Buckeridge Group is also mooted to be sold by family heirs, possibly in one line, with Wesfarmers named as a suitor.