Freemantle Hotel Back on the Market
Camellia Holdings has placed the Esplanade Hotel in Freemantle up for sale again after the collapse of a $90 million sale to Singaporean Ascendas group.
Marylyn New, the owner, described the failed sale as “disappointing” but said it was now free to test other expressions of interest.
Camellia struck a deal with Singapore-listed property group Ascendas about three months ago.
However, Camellia said yesterday the agreement had lapsed, with the company unable to finalise the last of several unidentified “issues” in time for the launch of Ascendas’ $634 million hotel float. The prospectus for the float, which includes 11 properties in Australia, China, Japan and South Korea, was filed in Singapore on Monday without the Esplanade.
The $634 million float includes hotels in Sydney, Melbourne, Brisbane and Cairns, with Ascendas having bought into a Mirvac-managed hotel fund in partnership with giant French hotelier Accor in December.
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