Four Points hotel sold for $91.5m
Singapore-listed Bonvests Holdings has entered the Perth hotel market with the purchase of the 278-room Four Points by Sheraton Perth for $91.5 million.
In Singapore, Bonvests owns Sheraton Towers Singapore Hotel in the Orchard Road shopping district and Cenizaro, an international hospitality company with a portfolio of independent luxury hotel properties.
The hotel was sold by global hotel players GIC Real Estate, the real estate investment arm of the Government of Singapore Investment Corporation and Host Hotels and Resorts who purchased the hotel, then trading as the four-star Citigate Perth Hotel for $61 million in 2012.
The hotel, which was upgraded to 4.5 starts after an extensive renovation that started in 2012, is managed by hotel and leisure company Starwood Hotels and Resorts under an agreement in place until 2027.
In a statement on the Singapore Stock Exchange, Bonvests said the purchase would allow it to build its portfolio and grow its revenue in a sustainable manner by adding resilient hotels in gateway cities.
The Wellington Street hotel opened in 1995 as Orchard Hotel and later became Hotel Grand Chancellor before its name was changed to Citigate Perth Hotel.
Source: The West Australian, Marissa Lague, 3rd August 2015
Originally published as: Four Points hotel sold for $91.5m
