Listed Singaporean real estate group Chip Eng Seng has snapped up the 84-key Sebel Mandurah for about $15 million.
The 4.5-star waterfront hotel was put up for sale in March by Perth-based FJM Property, led by property veterans Adrian Fini, Barry Jones and David Mack.
FJM paid a similar price in 2013 when the private investment company bought it from current operators Accor.
It’s the second noteworthy hotel sale in Perth this year with Asian investors seeing strong opportunities in a weakening market.
The latest June data from researchers STR showed big falls in both occupancy rates (down to 73 per cent) and average daily room rates in Perth ($172 a night) over the first six months of the year.
In March, a Singapore-based investor paid $50 million to buy the 4.5-star Crowne Plaza Perth hotel overlooking the Swan River.
The Sebel at 1 Marco Polo Drive forms part of a larger mixed-use development, comprising three multi-level towers accommodating more than 100 luxury residential apartments with outstanding views over the canals, marina and the Indian Ocean.
Chip Eng Seng, which trades in Australia as CEL, has a number of Melbourne development projects including the Tower Melbourne project in the CBD. Its investments include the 420 St Kilda Road office tower, on the market with a $65 million price tag.
Ryan McGinnity of CBRE Hotels in conjunction with Andrew Langsford and Aaron Desange of JLL Hotels and Hospitality handled the sale but declined to comment.
“Investors have the chance to secure an established asset in a high-quality precinct, at an opportune point in the investment cycle,” said Mr Langsford when the sales campaign kicked off.
Last year, Singapore hotel tycoon Michael Kum's M&L Hospitality acquired the 256-room Novotel Langley Hotel on Adelaide Terrace in the Perth CBD for a reported $80 million.
