The Emerald Hotel Perth has been acquired by The Straits Trading Company Limited through its wholly owned subsidiary Rendezvous Hotels Management Pty Ltd for $25.1 million. Through Jones Lang LaSalle Hotels' Mr Mark Durran and Colliers International's Mr Greg O'Meara, settlement of the property is expected to occur on 1 April 2008.
The hotel, currently a Best Western property, was purchased in a complex transaction from 60 individual strata titled owners. Located on Mount Street close to St Georges Terrace in Perth's CBD, the property features 101 guest rooms in total, a restaurant and conference facilities.
"The Hotel will undergo a major refurbishment and will be operated within the Rendezvous Hotels & Resorts International Group as part of The Marque Collection of Hotels," said Mr Durran. He added, "The Emerald Hotel Perth is the second major hotel to be sold in Perth in recent weeks with the 84 room Chifley Hotel selling for $26.5 million to another Singaporean investor."
"We received extensive buyer interest with eleven bids lodged, mostly from international and east coast investors attracted by the city's continued strong growth outlook," said Mr Durran.
Asian buyers have returned to Australian shores, accounting for 35% of total hotel transaction activity during 2007 - a significant increase on the 4% recorded during 2006.
"Australian Bureau of Statistics (ABS) most recent tourist accommodation performance data showed that Perth hotels recently achieved the highest occupancy rates in Australia and the strongest RevPAR growth in the order of 23%," said Mr Durran.
About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels, the first and leading global hotel investment services firm, is uniquely positioned to provide both the depth and breadth of advice required by hotel investors and hotel companies, through a robust and integrated local network. In 2007, Jones Lang LaSalle Hotels provided sale and purchase advice on 259 hotel transactions globally; representing a combined value of US$13.9 billion, a total of 54,763 hotel rooms in 84 cities. In addition advisory and valuation services were provided on 660 assignments globally for 182,048 rooms across more than 300 cities. The global team comprises 236 hotel specialists, operating from 27 offices in 16 countries. The firm's advice is supported by a dedicated global research team, which produced over 45 publications in 2007 in addition to bespoke client research. Jones Lang LaSalle Hotels' services span the hospitality spectrum; from luxury single assets and large portfolios to select service and budget hotels, resorts and pubs. Their services include investment sales, mergers and acquisitions, capital raising, valuation and appraisal, asset management, strategic planning, operator selection, management contract negotiation, consulting, industry research and project development services. Jones Lang LaSalle Hotels' clients have access to the resources of its parent company, Jones Lang LaSalle (NYSE: JLL). www.joneslanglasallehotels.com