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In Brief: New Broadwater owner at $15m-$20m

ESPLANADE Hotel Fremantle owner Marylyn New has bought the Broadwater Pagoda Hotel and Apartments in Como for a price estimated at between $15 million and $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. Ms New said the Pagoda Hotel purchase allowed the group to expand its Western Australian owned and managed Esplanade Hotels brand.

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