Singapore's Bonvests buys Four Points in Perth from Host JV

Singapore-listed Bonvests Holdings has acquired the Four Points by Sheraton Perth hotel for a reported AUD$91.5 million, around USD $66 million, in reportedly one of the biggest hotel deals on the west coast of Australia. The hotel was sold by a JV between Government of Singapore Investment Corporation and REIT Host Hotels & Resorts called APHV Perth InvestCo.

The 278-room hotel was built in 1985. It sold with a management contract in place with Starwood, running until 2027, reports AFR, which also wrote that rooms sell for about AUD$220 a night. The hotel is across from the Perth Arena.

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The price paid by Bonvests is bested only by Hyatt Centre, which sold for AUD$97 million in 1996, but which also included a car park and office buildings. More recently, the Esplanade in Fremantle sold for AUD$88.5 million in 2012 to syndicator Primewest.

GIC and Host Hotels paid AUD$61 million in 2012 for what was then the Citigate Perth, acquiring it from the unlisted PFA Diversified Property Trust. They spent $22 million refurbishing it.

Bonvests Holdings owns a collection of luxury hotels and commercial properties including the Sheraton Towers Singapore Hotel and resorts in Tunis, Mauritius, Zanzibar and Maldives.

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The two locally owned resorts join the Benchmark Resorts & Hotels brand as a result of the deal.