Peppers King Square hotel on the market
One of Perth’s newest CBD hotels, Peppers King Square Hotel, is for sale.
It’s been put on the market just about a year after it opened and it’s expected to fetch $40 million.
A six minute walk from Perth railway station, Peppers King Square in the city centre, just 3 kilometres from Kings Park, which overlooks the Swan River.
The 4.5 star, 18-storey, 120-room hotel stands on the corner of Wellington Street and Shafto Lane and is a six minute walk from Perth railway station. It is near the Perth Arena, the high-end Kings Street shopping precinct and the Perth bus-port.
As Perth’s tallest prefabricated modular hotel, it was built in just 11 months.
Colliers International’s Ian Mickle said Perth’s resurgent hotel sector was drawing a lot of interest from investors with the opening last month of InterContinental Perth City. Added to that is the opening of The Westin next year and Ritz-Carlton at Elizabeth Quay in 2019.
He expected the hotel would attract potential buyers because of its location.
“Trade at the hotel has been improving steadily and despite projections the new supply of hotel rooms has overshot demand, Peppers Kings Square is well-positioned to capture its share of visitors to Perth,” Mr Mickle told the West Australian.
“Peppers Kings Square enjoys a prime CBD location and as the new stages of Perth City Link are built, it will also have direct access to Northbridge’s entertainment precinct.”
He said hotels in the city would come under pressure with Tourism Australia is forecasting a boom in business and holiday visitors to Perth in the decade ahead.
Managed by the Mantra Group, Australia’s biggest hotel and resort operator, the privately owned hotel has 15 levels of accommodation, a restaurant and a club lounge.
The hotel is being promoted on a commercial property sale website as a “counter-cyclical opportunity” with potential to be offered with vacant possession in the medium term.
by Leon Gettler, November 2nd 2017
