Sheraton Back in Perth
Host Hotels and Resorts have entered Perth’s hotel market by buying the four-star Citigate Perth Hotel for $61 million in conjunction with GIC Real Estate from Australian Property Growth Fund.
The joint venture also means the return to Perth of Starwood Hotels and Resorts, 18 months after its Sheraton Hotel management contract expired. Starwood will manage the 277-room hotel under its Four Points by Sheraton brand.
The transaction was signed in March in a deal brokered by Jones Lang LaSalle Hotel specialists Mark Durran, managing director investment sales and Aaron Desange, vice-president investment sales.
The purchase by GIC Real Estate, the real estate investment arm of the Government of Singapore Investment Corporation and global hotel owner Host Hotels and Resorts will also include a comprehensive refurbishment.
The rebranded hotel will open on June 1.
Starwood’s Perth presence ended 18 months ago when its management contract at Perth’s Sheraton Hotel expired and the hotel was renamed Pan Pacific Perth.
The hotel opened in 1995 as Orchard Hotel and later became Hotel Grand Chancellor before its name was changed to Citigate Perth Hotel.
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