Marilyn New exits Perth hotel scene with Esplanade River Suites sale to Chinese hotel group Narada

Larry SchlesingerDecember 7, 2020

Midland Brick heiress Marilyn New has finally secured the sale of her Perth hotel with the four star Esplanade River Suites serviced apartments in Como selling to the Chinese-based Narada Hotel Group for around $31 million.

A year ago, she sold the 4.5-star, 300-room Esplanade Hotel in Fremantle to Singaporean property fund Ascendas for $90 million.

Narada’s purchase, reported by The Australian Financial Review, continues a trend of Asian hotel groups buying prominent Australian hotels.

Recent noteworthy purchases include the Dong Run Group purchasing the Palazzo Versace hotel on the Gold Coast for $68.5 million at the end of 2012, Hong Kong-listed Shangri-La Asia paying $352 million to fully own the Sydney’s Shangri-La Hotel in The Rocks and William Han, chairman of China-based White Horse Australia Holdings Pty Ltd and non-executive director of Western Australia's Padbury Mining buying Lindeman Island in the Whitsundays for around $12 million in April last year with plans to redevelop the island.

Narada bills itself as one of the Top 10 hotel groups in China and among the Top 100 in the world, managing 15,000 guestrooms in 11 provinces in China.

The group was established in 1995 and has assets comprising hotels, infrastructure and real estate development worth 5 billion yuan ($816 million).

The Esplanade River Suites on Melville Parade overlooks the Swan River, and features 101 guest rooms and apartments as well as the Pagoda Restaurant and Bar and conferencing facilities.

It opened in February 1998 on the site of the historic Pagoda Ballroom, which was built in 1922 as a dance hall and tearooms.

The hotel retains the distinctive red-roof Pagoda design.

The sale of Esplanade River Suites was negotiated by Aaron Desange of?Jones Lang LaSalle’s Hotels & Hospitality Group.

It was sold as vacant possession.

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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