Perth’s Hotel Grand Chancellor sells for $52m
Perth’s Wellington Street Hotel Grand Chancellor will be re-named Citigate Sebel Perth, following its acquisition by Brisbane-based property trust Property Funds Australia Ltd, for $52 million.
Property Funds Australia is 50 per cent owned by Mirvac Ltd, plans to lease the 276-room hotel to the Mirvac Hotels for ten years after the acquisition, from Singapore-owned Grand Central Management (Australia) Pty Ltd.
The trust, which also owns Cannington’s Sevenoaks office complex and the 1st Fleet warehouses in Welshpool, will add the Perth property to its 17-property portfolio, along with the Citigate Melbourne, with the Trust saying in an announcement that it did not plan to acquire more hotels in the near future.
PFA managing director Chris Morton said in an announcement that the property had good potential, given the development to take place around it, including the Perth Arena project, as well as Finbar’s proposed Code Apartments, to be built next door to the complex.
“The Perth hotel market is showing positive signs for growth, with an increase in domestic visitors to the region and analysis of data from the Australian Bureau of Statistics for the Perth region suggesting occupancy has shown continual growth from 2002 to 2006,” he said.
“The market is displaying strong occupancies, with room rate growth increasing at high levels due to the demand.”
The Hotel Grand Chancellor, once the Orchard Hotel, underwent a $2.5 million refurbishment in 1998, after being purchased for $36.8 million in 1997.
Report by The Mole and WA Business News
John Alwyn-Jones
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Phocuswright reveals the world's largest travel markets in volume in 2025
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
Singapore to forbid entry to undesirable travelers with new no-boarding directive
Euromonitor International unveils world’s top 100 city destinations for 2025
Cyclone in Sri Lanka had limited effect on tourism in contrary to media reports