Singapore’s GIC Real Estate has sold the Four Points by Sheraton Perth to another Singaporean firm, Bonvests Holdings, in a deal worth $91.5 million.
The 278-room, 4.5 star hotel was placed on the market earlier this year by GIC, part of a $1 billion sell down of commercial and hotel property assets across Australia.
The deal was brokered by commercial agent CBRE.
The Perth acquisition is the first venture in Australia for Bonvests Holdings, which also owns the Sheraton Towers Singapore Hotel, as well as four hotels in Tunis, Mauritius, Zanzibar and Maldives, under The Residence by Cenizaro brand.
Bonvests also owns a series of residential and commercial properties in Singapore.
The Four Points by Sheraton, which also It also includes The Best Brew and The Eatery, is managed by international hotelier Starwood, with its contract running until 2027.
GIC paid $61 million for the hotel in March 2012 and spent $22 million refurbishing the property in 2013.
