New Tassie hotel sold to Singaporean group for $40m
A new hotel on Tasmania's north-west coast has been acquired by a Singaporean developer for about $40 million.
Headed by billionaire developer Koh Wee Meng, Fragrance Group snapped up the 187-room Devonport Waterfront Hotel which is being constructed l in Devonport on the site of the former Harris Scarfe store.
A hotel operator has not yet been chosen for the new build hotel which is slated to open by the end of 2021.
Knight Frank’s Scott Newton said the north-west coast of Tasmania is undersupplied with quality accommodation offerings.
"This sale represents the most significant single tourism investment project for many years on Tasmania’s north-west coast,” he told the Australian Financial Review.
Fragrance's Tasmanian hotel development portfolio has now grown to four properties with this latest acquisition.
Sheridan Randall, 20th March 2020
