Bonvests Holdings, a Singapore-listed investment company, bought the Four Points by Sheraton Perth in a AU$91.5 million deal, that is among the biggest in Australia’s west coast.
The hotel was built in 1985 and has 4.5 starts, 278 rooms and sits on a 2,742 square meter property in the city’s downtown.
Bonvests owns luxury hotels and commercial properties throughout the region. Among its holdings are the Sheraton Towers Singapore Hotel and various resorts in Tunis, Mauritius, Zanzibar and the Maldives.
In a statement to the Singapore Stock Exchange, the company said it acquired the new property to grow its revenue base. Perth has one of the most resilient hotel markets in Australia with an occupancy rate of around 83 percent and average room rates higher than AU$200 per night, according to STR Global.
Bonvests acquired the property from the Government of Singapore Investment Corporation (GIC) and Hosts Hotels & Resorts, a US real estate investment trust, through a joint venture APHV Perth Invest Co.
Under the terms of the deal, Starwood will continue managing the property until 2027.
The only bigger hotel deal on record in the city was the AU$97 million that Hyatt Centre fetched in 1996, but that property also included a car park and office buildings.