Developments

Singapore Group buys into Western Australia

The Ascendas Group has bought the 300-room Esplanade Hotel in Fremantle for $90 million from Perth businesswoman Marylyn New.

Ms New bought the hotel, 20km southwest of Perth, for $12.75 million in 1991 and placed it on the market in August 2010 reportedly asking $120 million.

In partnership with the Accor Group, the Singapore-based Ascendes Group recently purchased Mirvac’s 42 Australian hotels. Ascendas formed a joint venture with French hotel group Accor to buy a 49.2% stake in the unlisted Mirvac Wholesale Hotel Fund fund in December with Ascendas taking a 27.4% stake and Accor 21.8%.

Paris-based Accor paid $56.7 million for its share and bought Mirvac Hotels & Resorts, a management company of 48 hotels.

Industry sources maintain Ascendas, a subsidiary of JTC Corporation, a Singapore government industrial infrastructure planning agency, wants to wholly own the assets.

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