Westin Perth sale breaks both Perth and 2018 records

The sale of the newly completed Westin Perth Hotel broke both the 2018 and the overall Perth record for largest single single asset transaction, according to JLL.

In a deal negotiated by JLL Hotels and Hospitality Group's Managing Director, Mark Durran, Malayasia's YTL group has acquired the Westin Perth from developer and owner BGC.

The hotel is said to have sold for over $200 million.

The 28 story five star hotel is situated just East of the Perth CBD in the City's heritage quarter.

Located 12 km from Perth international airport the hotel features 368 guest suites and 2,300 sqm of convention facilities including the largest ballroom in the CBD.

The sale of Westin Perth also includes Hibernian Place offering an outdoor plaza of 2,000 sqm.

Hibernian place has an existing DA 36,545 sqm of Grade A office.

Mr Durran said, "despite competitive market conditions the Westin Perth has performed strongly since opening in April 2018."

"Given Perth's positive future market outlook over the longer term, major investors are currently seeking quality hotel investments," he added.

YTL first entered the Australian hotel market in 2012 with their $415 million purchase of the Marriot Portfolio, including hotels in Sydney, Melbourne and Brisbane.