Fini syndicate pays $15m for Sebel Hotel
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Property developer Adrian Fini is among a group of investors who have acquired the Sebel Hotel in Mandurah , five months after his old company Mirvac Group sold the property.
The hotel, which forms part of the Point Residential Apartments development, was sold by Accor Asia Pacific for “close to $15 million”.
That represents a small loss for Accor, which paid $15.3 million for the hotel in August last year.
The hotel was developed by national property group Mirvac, which last year sold its entire hotel management business to Accor for $321 million.
The new buyers are “entities associated with FJM Property”, according to a statement issued by selling agent CBRE Hotels.
Claremont-based FJM is a property and investment group jointly owned by Mr Fini, Barry Jones and David Mack.
It already has an interest in several hospitality venues, including the Claremont, Leederville and Rosemount hotels, and the Indian Ocean Brewing Company at Mindarie.
FJM often brings other investors into its projects, which include the Knutsford residential development in Fremantle and the Tambrey sub-division in Karratha.
FJM, and Mr Fini in particular, has also had a key role in the Old Treasury Building redevelopment in central Perth, which includes Mirvac building a 33-storey office tower and Aman Resorts running a six-star hotel in the heritage building.
The Sebel is the second WA hotel to change hands this year. Property sydnicator Primewest settled on the $88.5 million purchase of the Esplanade Hotel in Fremantle earlier this month.
Accor, which is Australia’s largest hotel operator and one of the biggest in the world, has been retained to manage the Sebel Hotel.
The property will operate under the Sebel brand, which Accor is using for its premium apartment-style properties.
The sale includes 89, 4.5 star hotel rooms and apartments plus six permanent luxury residential strata apartments and car parking.
Mr Fini retired from Mirvac’s board in June 2010, after previously running its WA operations