YTL Corp buys The Westin Perth for RM591m

YTL Corporation Bhd has purchased the Westin Perth for over A$200mil (RM591mil), which is one of biggest hotel sales in Perth.

KUALA LUMPUR: YTL Corporation Bhd has purchased the Westin Perth for over A$200mil (RM591mil), which is one of biggest hotel sales in Perth.

According to the Australian Financial Review, Perth-based developer and construction group BGC, which was founded by the late Len Buckeridge, confirmed it had sold the hotel to two subsidiaries within YTL's hotel division, Starhill Hotel (Perth) and Starhill Hotel Operator (Perth) on Tuesday. 

“BGC developed the five-star Westin hotel, a 368-room luxury hotel at 1 Hibernian Lane in the east side of the Perth CBD with 28 furnished suites, the signature restaurant in 'Garum' by celebrated chef Guy Grossi, and 1700sq m of conference and meeting space,” said the report.

According to BGC's website, the group is among Australia's top 10 largest privately owned companies by turnover, and a number of its operations span Australia. 

In November, BGC Group signed an agreement with Singapore-based Hiap Hoe Ltd for the sale of the Aloft Hotel and 25 Rowe office complex in Perth, Western Australia for A$100mil.

The agreement will see the hotel continue to be successfully managed and operated by Marriott International, maintaining the same team and the same high standard of service, BGC Group said on its website.

Hiap Hoe has a successful track record in both hotel and commercial property investments in Australia and currently owns the Marriott operated Four Points by Sheraton Melbourne along with commercial offices in Perth.

The transaction is expected to complete in Q1 2019, following the granting of the required FIRB, liquor licensing and board approvals.