08/02/2012 - 11:55

Novotel Langley offered for sale

08/02/2012 - 11:55

Bookmark

Save articles for future reference.
Novotel Langley offered for sale

The owner of Perth’s Novotel Langley is looking to cash in on increasing demand for hotels in Western Australia, putting the 253-room hotel to market.

Jones Lang LaSalle Hotels will exclusively market the property on behalf of its owner, Tourism Asset Holdings Ltd.

TAHL chief executive Matthew Eady said the company had received significant unsolicited interest for the hotel for “some time”.

“The hotel has performed exceptionally well for us and it is already trading materially above its strong budget for 2012,” Mr Eady said in a statement.

“The sale of this asset will allow TAHL to continue to rebalance its portfolio weighting as the leading hotel owner in Australia, whilst still retaining six West Australian hotels given our ongoing belief in the region and the resources sector.”

Jones Lang LaSalle Hotels chief executive Craig Collins said he anticipated the sale drawing significant attention.

“Perth hotels have recorded the highest RevPAR growth of any Australian city over the past year, underpinned by the continued strength of the mining and resources sector,” Mr Collins said.

“Significant investment has also been devoted to the transformation of Perth, particularly in the CBD, and this should generate additional demand for accommodation over the short to medium term.

 “With the combination of a benign supply pipeline of new hotel development and the continued strengthening in both corporate and leisure demand, Perth hotels are well-positioned for robust growth moving forward.”

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options