A Perth hotel asset has sold for more than $100 million and will be converted to long-stay housing in the city’s undersupplied residential market.
Frasers Suites Perth has been acquired by the WA Government’s Department of Communities for $105 million.
The sale of the hotel and office tower was handled by JLL Hotels & Hospitality Group.
The Adelaide Terrace property comprises 236 rooms as well as a commercial office block comprising 11 lots totalling about 216sq m of space.
The Government said it would now convert the serviced apartments into long-stay housing to help address housing shortages within the Perth market.
Gus Moors and Andrew Langsford acted as agents for the vendor and undertook the sale via an exclusive off-market sale process.
JLL said the sale continued the strong run of Perth sales it had undertaken over the past 18 months, which included the Sebel West Perth, Rendezvous Perth, Flag Motor Lodge and Great Eastern Motor Lodge. It said in total more than $200 million worth of hotel transactions had been completed in the West in that period.
Meanwhile, in South Australia, G’day Group, which runs the Discovery Parks network, has acquired the BIG4 Renmark Riverfront Holiday Park in SA’s Riverland region for an undisclosed price.
The 9ha holiday park on the banks of the River Murray has more than 380 sites, including 79 cabins and four safari tents as well as caravan and camping sites.
The asset also has a water park, pool and spa, outdoor movie theatre, sensory room, indoor and outdoor playgrounds, tennis and basketball courts, BMX pump track, indoor gym and yoga studio.
The acquisition is a significant expansion for G’day Group, which has previously said it wants to increase its property portfolio to $2.5 billion by 2026.
