11/07/2012 - 17:03

Esplanade Hotel Fremantle sale falls through

11/07/2012 - 17:03

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THE sale of the Esplanade Hotel in Fremantle to a Singaporean group has fallen through, more than three months after the deal was first revealed.

Prominent Perth businesswoman Marylyn New had kept quiet about the sale but has today expressed her disappointment that the transaction – rumoured to be about $90 million – had not been completed.

In a formal statement released this afternoon, Camellia Holdings Pty Ltd, the owner and operator of the Esplanade Hotel Fremantle advised that its agreement to sell the Esplanade Hotel Fremantle to Ascendas Hospitality Operations Pty Ltd had lapsed.

The statement said the Esplanade had continued to trade above budget.

Ms New is believed to have purchased the 300-bed hotel for $12.75 million in 1991.

Property group Ascendas has proposed spinning off its hotel assets into an IPO.

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