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.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

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.

Suggested Articles

Millenium purchased the property with its own resources as well as with a secured loans mortgage from Bilbao-based Kutxabank.

Total hotel real estate investment in Europe fell 30.6 percent from the 2018 quarter, but some markets reported growth of more than 70 percent.

Nelson F. Migdal, a shareholder and co-chair of Greenberg Traurig’s hospitality practice, reflects on the biggest trends in the industry.