Singapore giant pays $27m for Holiday Inn
Singapore-based Worldwide Hotels has bought an inner-city Perth hotel developed around a restored historic red brick home.
The Holiday Inn West Perth at 1309 Hay Street cost $26.75 million.
Australian Development Capital was the seller.
It also completed the asset in 2016.
The 804 square metre site at the south-west corner of Ventnor Avenue is near offices occupied by HBF, RAC and Shell.
Gina Rinehart’s Hancock Prospecting also recently won permission to redevelop its headquarters in the pocket, with an office and serviced apartments.
Holiday Inn double-down
ADC acquired 1309 Hay St in 2013, later building the 13-level, 101-room hotel with a gym in the airspace.
Initially trading as a Sage Hotel, it was in 2021 leased to IHG Hotels & Resorts for an initial 20 years with two five-year options.
The c1902 homestead, sometimes referred to as the ex-Walsh family home, was repurposed and operates as Italian bar and restaurant Julio’s, which serves breakfast for hotel guests. It also contains two boardrooms, meeting and event spaces.
The gross building area is 4884 sqm,
Worldwide already owns the Holiday Inn Perth City Centre at 788 Hay St – that cost c$65m in 2018 from local investors Constantine Berbatis and George Atzemis.
Outside of Western Australia its portfolio includes Brisbane’s Ibis Styles, held since 2018, and a dual-branded asset in Melbourne’s CBD, acquired in 2023 (continues below).
JLL’s Andrew Langsford, Gus Moors, Chris Boyd and Sean Flynn represented ADC.
Another Perth hotel deal
The deal comes a year since realestatesource.com.au reported the state government acquired the 236-room Fraser Suites Perth in East Perth from Frasers Hospitality for $105m, with plans to convert the property into social and affordable housing.
Hong Kong-listed, Singapore-based investment manager ZACD also sold the 64-room Sebel West Perth Aire at 647–659 Murray St for $18.9m.
Capital Bay Investments was that buyer.
It will continue operating as a Sebel.
In mid-2024, Far East Orchard agreed to sell the 103-room Rendezvous Hotel Perth Central at 24 Mount St to Chesterfield Property Group and Mountstreet Operations for $18.4m.
Also two years ago, Hiap Hoe acquired the 198-room Great Eastern Motor Lodge at 81 Great Eastern Highway, Rivervale, for $40m.
That 1.19 hectare property, sold by the Christie family, includes 180 car parks.
Far East and Hiap Hoe are Singapore-listed.
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