Singapore-based investment holding company Bonvests Holdings has acquired Four Points by Sheraton Perth hotel for $91.5m.
The 4.5 star hotel is located in Wellington Street, which is one of the main centres of the city and is close to the Central Business District.
The 278-room hotel features two eateries, including The Best Brew Bar & Kitchen and The Eatery. It also includes four meeting spaces with the largest one spanning 2,476ft² and a fitness centre.
The management contract for the hotel with Starwood will run until 2027.
The hotel was originally built in 1985 and was sold by the government of Singapore Investment Corporation (GIC), an investment arm.
GCI and Host Hotels purchased the Citigate Perth hotel for $61m in 2012 from PFA Diversified Property Trust and it went underrenovation to be brought to Starwood properties standards.
Apart from the Four Points by Sheraton Perth, Bonvests Holdings also owns several other commercial properties and luxury hotels, including the Sheraton Towers Singapore Hotel and resorts in Tunis, Mauritius, Zanzibar and Maldives.
Wayne Bunz and Rob Cross of CBRE negotiated the sale of the Four Points by Sheraton Perth.
