The 189 room Crowne Plaza Perth has been sold to a Singapore-based investor for $50 million.
In yet another major hotel sale, the Crowne Plaza Perth has been sold for approximately $50 million. The hotel was sold by Avant Hotels Australia, a subsidiary of Hong Kong based Avant Hotels International, major worldwide hotel operator and manager.
The sale was arranged by JLL Hotels and the purchaser was I-Power Management Pte Ltd. I-Power is a private company based in Singapore.
According to Perth Cityscope, the Crowne Plaza Perth Hotel (formerly operated by Parkroyal Hotels & Resorts) is a 13-storey building with 189 rooms, including two presidential suites, plus function rooms, five convention rooms, a restaurant, bars and a gymnasium. Beautifully located, the hotel overlooks Langley Park and the Swann River and is only minutes from the centre of Perth. It is operated by the London based InterContinental Hotels Group.
The hotel previously traded at $9 million when it was bought by Avant Hotels in 1990. It subsequently underwent a major $11 million refurbishment and extension.