New deal: Freo's Esplanade Hotels Group on the market once again
Millionaire Perth businesswoman Marilyn New is once again attempting to sell off her Esplanade Hotels Group after the holding failed to sell last year.
The portfolio includes the colonial-style 300-room Esplanade Hotel in Fremantle, which is the town’s only 4.5-star hotel where the pool is overlooked by a multi-story car park, and the 101-room Esplanade River Suites serviced apartments in Como.
Perth has long suffered from a lack of hotels, so occupancy remains high and room rates are strong.
Last year the two hotels were listed with CBRE and it was touted that any sale – and they were offered as a package or individually – might well have brought more than the $98 million that the five-star Hyatt Regency sold for in 1996, which was the most recent comparable sale. However, current selling agent Jones Lang LaSalle is calling for expressions of interest and not mentioning price point.
