After going on the market in late February with a reported $70 million price tag, The Kings Perth Hotel has been withdrawn from the market.
After going on the market in late February with a reported $70 million price tag, The Kings Perth Hotel has been withdrawn from the market.
Instead, owner Mirjam Norvilas has decided to undertake a major refurbishment of the 119-room, 11-story hotel complex, which also includes eight levels of offices and a 373-bay public car park.
Despite the potential attraction of the office and car park space – both appealing due to low office vacancies in the city and the increasing price of car bays – it is understood the owners were not satisfied with the offers they received.
Hotel refurbishments have already begun, with one room being renovated as a prototype before proceeding with the rest of the hotel.
Another hotel in the Perth CBD currently undergoing extensive renovations is the Sheraton Perth Hotel, which is currently embarking on a $20 million conversion of its Adelaide Terrace office space into executive rooms and suites.
The addition of 96 suites will increase the hotel’s capacity by about 25 per cent, taking its room inventory to 486 and making the hotel the city’s largest.
The development will also include an executive club lounge and a new meeting facility consisting of seven executive boardrooms, in addition to its existing 11 banquet rooms.
General manager Debra Watts, who was appointed to the role in December, will oversee the developments after previously coordinating three hotel refurbish-ments within the group before joining Sheraton Perth.
Director of sales and marketing Judith Burton said the decision to undertake the conversion was made 18 months ago after the group looked at trends in the market and identified a drift towards deluxe, executive-style accommodation.
“There’s nothing like it anywhere else in the city. It’s very contemporary, very stylish and suitable accommodation for meetings travellers,” she said.
Strong business travel on the back on the state’s resources boom has led to record high occupancy rates in the Perth CBD in recent months.
The higher demand has also lifted average room rates, which rose 17 per cent in the December quarter, according the Australian Bureau of Statistics.
