Perth hotel sold to Narada

China-based Narada Hotel Group has acquired the four-star Esplanade Hotel in Perth from Midland Brick heiress Marilyn New for $31 million.

The sale was completed by Aaron Desange of Jones Lang LaSalle's Hotels & Hospitality Group.

The 101-room Esplanade Hotel overlooks the Swan River also has the Pagoda Bar & Restaurant and conference facilities. It opened in 1998.

Narada, established in 1995, is one of China's top 10 chains with 15,000 rooms in 11 provinces and infrastructure worth around $800 million. The group has three subordinate brands, including the Narada Resorts & Spa (top-grade leisure and holiday hotel), Narada Grand Hotel (five-star city conference and business hotel) and Narada City Hotel (city leisure design and boutique hotel).

Source: AccomNews, 15 May 2013