In a vote of confidence in the Perth hotel and tourism scene, the CBD located Holiday Inn at 788 Hay Street has been sold for approximately $65 million.
The vendor was Hub Land Dato Pty Ltd, a private company owned by George Atzemis and Constantine Berbatis. The two investors became friends at pharmacy school in the 1960s and began their property career when they developed a medical centre in 1981.
The partners purchased the Holiday Inn for $44 million in 2009 and embarked on a multi-million dollar refurbishment in 2015. Aiming to transform the hotel into a destinational drink and dinning space for both the business and leisure markets, they refurbished the entrance, ground floor, bar and lobby areas and opened a new restaurant, Ivy & Jack.
The buyer is Legend Land Perth Pty Ltd, a subsidiary of Singapore based Legend Land Australia Pte. Ltd.
The hotel, according to Perth Cityscope, is nine storeys and includes a ground floor reception, bar and brasserie, eight convention rooms, a 24-hour business centre, gymnasium and 179 hotel rooms over seven upper levels.