Rendezvous Hotel Perth Central Sold for Alternative Use
Chesterfield Property Group Secures Rendezvous Hotel Perth Central in A$18.5M Acquisition.
West Australian investor, Chesterfield Property Group, has successfully acquired the Rendezvous Hotel Perth Central for A$18.5 million, in a transaction brokered by JLL Hotels & Hospitality Group’s Senior Vice President, Andrew Langsford. The deal signifies a continuing trend towards strategic repositioning in the hospitality sector and broader real estate landscape.
Andrew Langsford commented, "This deal is a testament to JLL's comprehensive market knowledge and strategic capabilities. We were able to leverage cross-sector expertise to realise value for the seller while setting a robust foundation for the asset’s future repositioning."
“As Perth continues to grow as a business and tourism hub, the property is poised to play a pivotal role under its new ownership. Perth's hotel sector is notably buoyant, with RevPAR metrics showing the strongest growth among Australian capital cities in the year to December 2024, fuelled by rising occupancy rates” added Mr Langsford.
Chesterfield Property Group plans to inject substantial investment into the 103-room hotel. They are exploring alternative uses to meet evolving market demands and contribute to Perth’s urban revitalisation agenda. This acquisition adds a strategic CBD address to their portfolio and presents a chance to add to the local economy through enhancements and ongoing operations.
This disposal aligns with Far East Orchard’s proactive asset management strategy to realise the value of RHPC and improve capital allocation. Group Chief Executive Officer of Far East Orchard, Mr Alan Tang, said, “The completion of the RHPC disposal underscores our commitment to enhancing shareholder value through strategic asset recycling. The improved liquidity would allow the Group to redirect resources towards strengthening our lodging platform.”
JLL, 30th January 2025
