YTL Corp snaps up The Westin Perth for over A$200m, one of biggest hotel sales in Perth!
Financial Review, January 30, 2019
Malaysia's YTL Corporation has snapped up The Westin Perth for over $200 million, one of the biggest hotel sales in the West Australian capital.
YTL Corp's hospitality division, YTL Hotels, owns and manages a prestigious collection of award-wining resorts, hotels, boutique experiences and Spa Villages with a hospitality footprint across Malaysia, Thailand, Indonesia, China, Japan, Australia, France and the United Kingdom.
The portfolio encompasses the ownership management of Marriott properties in Sydney, Brisbane, Melbourne and Kuala Lumpur, The Ritz-Carlton, Koh Samui and the first Ritz-Carlton Reserve in Japan, as well as properties under the brand’s prestigious Autograph Collection banner.
Perth-based developer and construction group BGC, founded by the late Len Buckeridge, confirmed it had sold the hotel to two subsidiaries within YTL's hotel division, Starhill Hotel (Perth) and Starhill Hotel Operator (Perth) on Tuesday.
BGC had developed the five-star Westin hotel, a 368-room luxury hotel at 1 Hibernian Lane in the east side of the Perth CBD with 28 furnished suites, the signature restaurant in 'Garum' by celebrated chef Guy Grossi, and 1700sq m of conference and meeting space.
The Westin sale follows another recent sale by the group, the sale of Aloft Perth to Singaporean group Hiap Hoe for over $100 million in November.
Operations remain unchanged with the Marriott International continuing to manage both the Westin and the Aloft.
BGC director Sam Buckeridge said the sale had freed up more than $300 million in capital for re-deployment for the company.
"We are very proud to have created two of Perth's best hotel offerings, combining BGC Construction's commitment to quality with Marriott's fantastic service delivery," Mr Buckeridge said.
JLL's Mark Durran brokered the sale.