Westin and Aloft hotels in Perth are on the market
BGC is planning to sell The Westin Perth, Aloft Perth and A-grade suburban office tower 25 Rowe.
The deal is expected to be worth an estimated $350 million.
The sale is clearly timed to capitalise on WA’s economic recovery.
BGC has appointed independent advisers to handle the sale of hotels for the sprawling construction and building conglomerate.
BGC turns over more than $3 billion a year.
Len Buckeridge, who died in 2014 aged 77, created BGC, turning it into a civil contractor, contracting and building materials giant. However, his heirs have declared they plan to sell the group, in whole or in part, because of a dispute over the estate.
The Westin Perth, one of Australia’s newest five-star hotels, has set a benchmark for quality in the Asia Pacific Region. A 368-key hotel with “oversize” rooms, there is a partnership with celebrity chef Guy Grossi on Garum in the heritage-listed Hibernian Hall.
It also boasts 2300 square metres of conference and function space.
And it has Perth’s largest CBD ballroom, with a capacity for 520.
The Aloft Perth, located in the Burswood precinct near the newly opened Optus Stadium, is a 224-key hotel.
It features a 24-hour grab and go pantry, bars and Springs Kitchen, a fitness centre, heated outdoor pool, conference centre and ballroom.
Both hotels are operated by Marriott International.
According to JLL Hotels & Hospitality Group managing director Mark Durran, increased WA business activity in areas like mining are driving an improved leasing market so investors are now gaining in confidence.
“This increase in economic activity occurs at a point where the disparity in yields and values between Perth and Eastern States markets are at historic levels, making Perth assets a compelling investment alternative,” Mr Williams told the West Australian.
He says the Perth hotel market is recovering with demand growing 10.7 per cent since 2017, driven by business travel growth.
“The city will see increased demand from more international flight routes such as Qantas’ non-stop Europe connection to London,” Mr Durran told the West Australian.
21 June 2018 - Leon Gettler
