Malaysia's YTL Corporation is gaining ground in Australia. Perth-based developer and construction group BGC has sold the Westin Perth to two subsidiaries within YTL's hotel division, Starhill Hotel (Perth) and Starhill Hotel Operator (Perth) for more than $200 million.
This reportedly is one of the biggest hotel sales in the Western Australian capital. In November, BGC sold the Aloft Perth to Singaporean group Hiap Hoe for more than $100 million. JLL's Mark Durran brokered both sales.
Marriott International will continue to manage the Westin (and the Aloft) once the deal closes later this quarter.
BGC director Sam Buckeridge said the sale had freed up more than $300 million in capital for redeployment for the company.
“There has not been a lot of growth in the high-end market in Australia for at least 15 years, but the market has turned the corner and with rising demand it offers a value proposition for the operators,” Bruce Ryde, VP of luxury brand management for Marriott International Asia Pacific, told the Sydney Morning Herald last year. “There may be some short-term fluctuations as supply comes on, but as inbound tourism from China to Australia increases, luxury hotels can be sustained,” he said.