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A landmark Australian hotel has been sold to Singaporean investment group I-Power Management Pte Ltd.
Tom Lodewyke
Firms: Squire Patton Boggs (Avant Hotels Australia Pty Ltd); Lavan Legal (I-Power Management Pte Ltd)
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Deal: Avant Hotels Australia Pty Ltd (Avant) sold Crowne Plaza Perth to I-Power Management Pte Ltd (I-Power).
Value: $50 million
Area: Property
Key players: The Squire Patton Boggs team advising Avant was led by partner Rahul Parrab, with of counsel Mark Palermo.
Deal significance: Crowne Plaza Perth is a four-and-a-half star hotel set on Langley Park, near the city’s CBD.
Avant Hotels Australia, a subsidiary of Hong Kong-based Avant Hotels International, sold the hotel to Singaporean investment group I-Power for approximately $50 million.
Avant reportedly bought the hotel for $9 million in 1990, and spent $11 million refurbishing it.
The sale was subject to a hotel management agreement with InterContinental Hotels Group, which operates the hotel.
The deal was brokered off-market by JLL Hotels. It was completed on 16 March.
“Our client was very pleased with a smooth and successful transaction, brokered by Mark Durran of JLL,” said Squire Patton Boggs partner Rahul Parrab.
“We are delighted to have acted on this key transaction, evidencing continued deal flow in Perth.”
Mr Parrab said Squire Patton Boggs has a strong hospitality practice in Australia.
“Our hospitality team has a strong Australia-wide practice, working with domestic and foreign hotel owners, developers and operators,” he said.
“We recently attended a key hotel conference in Singapore, which noted again a generally robust Australian capital cities hotels market.”
Squire Patton Boggs recently advised on a bid to develop a World Trade Centre in Perth.
