Perth Hotel Goes Under Contract

Luke Saraceni’s New Esplanade Hotel in Perth has been sold on behalf of receivers for an undisclosed sum.

Joint selling agents CBRE and Jones Lang LaSalle confirmed that Perth’s New Esplanade Hotel and car park was now under contract.

In February, Ferrier Hodgson were appointed receivers and managers to two Saraceni-related properties in Perth’s CBD stemming from the appointment of KordaMentha as receivers to Mr Saraceni’s $500 million Raine Square project in the city after Westgem Investments allegedly missed a $50 million debt repayment to Raine square financiers on December 31.

The New Esplanade Hotel is a nine-storey 3.5-star hotel with 67 rooms that was owned by Pakwest, a Saracen Properties-related company.

CBRE Hotels senior director, David Kennedy said, “The campaign attracted 15 offers of a high calibre with the majority being short-listed to provide their final offers last week. The purchaser is based in Perth and is a well established owner group which owns several Perth properties.”

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