13/03/2008 - 15:45

Esplanade buys Pagoda site from Westralia

13/03/2008 - 15:45

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Esplanade Hotel Fremantle owner Marylyn New has purchased the Broadwater Pagoda Hotel and Apartments in Como for approximately $15-20 million.

Esplanade Hotel Fremantle owner Marylyn New has purchased the Broadwater Pagoda Hotel and Apartments in Como for approximately $15-20 million.

The biggest stakeholder in the site was Westralia Property Management Ltd, whose share of the hotel was held through the ASX-listed Westralia Property Trust, and was thought to be worth between $9 million and $11 million.

The sale covers 36 suites at the four-star hotel in Como, held on behalf of the Pagoda Hotel Property Syndicate, and the facilities lot at the hotel, held on behalf of the Pagoda Fixed Term Property Syndicate.

Westralia Property Trust owns 85.5 per cent of the hotel syndicate, which in turn owns 65.8 per cent of the fixed term syndicate.

"The opportunity to acquire the Pagoda Hotel allows us to expand our Western Australian owned and managed Esplanade Hotels brand and importantly, offers additional and exciting employment opportunities for all our staff," Ms New said.

 

Below is the announcement from the Esplanade Hotel

The owner of the 4 star Esplanade Hotel Fremantle has purchased the majority of apartments at the Pagoda Hotel in South Perth.

Built in 1998 the Pagoda has 101 rooms, a pool, two restaurants, bar and conference facilities.

Managing Director and Proprietor Ms Marylyn New said "the Pagoda Hotel offered an opportunity to expand our existing business into the apartment style of guest accommodation.

Our national and international guests have for sometime requested this type of accommodation in a location close to Perth in order that they may experience both destinations while staying within the same Hotel group.

The Esplanade Hotel Fremantle was purchased in 1991 when it was 129 rooms. Since then it has undergone two major expansion programmes. The first was in 1996 and the second in 2003. Today in addition to its 300 guest rooms it features Perth's third largest Convention Centre.

The opportunity to acquire the Pagoda Hotel allows us to expand our Western Australian owned and managed Esplanade Hotels brand and importantly, offers additional and exciting employment opportunities for all our staff"
Following regulatory approvals it is anticipated the Pagoda Hotel will change hands in April 2008.

The announcement was made by West Perth-based Grangefield Pty Ltd, as trustee for the Mags Trust.

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