The Adina Hotel on Barrack Street has been flagged for a refurbishment by its new owners, Sydney-based boutique fund manager Serene Capital.
The Adina Hotel on Barrack Street has been flagged for a refurbishment by its new owners, Sydney-based boutique fund manager Serene Capital.
Adina Apartment Hotel Perth Barrack Plaza on the corner of Barrack and Wellington streets in the CBD was recently sold for $23 million, according to RP data.
Serene Capital yesterday announced its partnership agreement with fellow Sydney-based group TFE Hotels for the latter to operate the 100-room Adina Barrack Plaza hotel.
The partners will work on a refurbishment plan for Barrack Plaza as part of a rolling refurbishment for all first-generation Adinas, the companies said.
Serene Capital chief executive Glen Boultwood said more acquisitions were in the pipeline, with Adina Barrack Plaza being the 11th asset in its hotel fund.
“Serene Capital will look to acquire additional hotels in the fund throughout 2024 with additional equity to be raised from family offices, HNW individuals and wholesale investors as part of the third close of the fund on March 31 2024,” he said.
“We will continue to grow with operators who are flexible, and who are happy to revisit operating structures over time as market dynamics change for both parties’ benefit, rather than remain rigid. TFE Hotels is such an operator.”
TFE Hotels group chief operating officer Chris Sedgwick said Adina Barrack Plaza was the third hotel collaboration between the two companies, after the success of Vibe Hotel in Subiaco and Adina Serviced Apartments in Canberra.
“As a group TFE owns, manages and operates hotels, so we think like owners and operate their hotels as though they were our own,” he said.
“Great hotels, professional hotel teams, and centralised locations like Barrack Plaza are the key drivers to success alongside long-term partnerships with dynamic owners, like Serene Capital, who really allow us to do what we do best.”
Adina Barrack Plaza was owned by Central City Pty Ltd, which went into voluntary administration in mid-2023.
Central City was owned by Giuseppe ‘Joe’ Scaffidi, the husband of former City of Perth lord mayor Lisa Scaffidi.
CBRE's Aaron Desange and Ryan McGinnity brokered the deal.
