Esplanade Hotel on the market

The Esplanade Hotel in Fremantle is up for sale, with its owners hoping for a big premium on their $88.5 million purchase price in 2013.

Western Australian property syndicate Primewest has put the historic hotel, which opened in 1897, on the market with hopes it could sell for as much as $110 million.

Primewest acquired the 4.5-star hotel in January 2013, and appointed Rydges Hotels & Resorts as operator.  

It includes 300 guest rooms, four food and beverage outlets, six conference rooms and a range of recreational facilities.

The property, located on the corner of Marine Terrace and Essex Street, is situated over two sites with a total area of more than 1.2 hectares.

Included in the sale is a 3,043 square metre site located at 7 Essex Street, directly opposite the hotel, comprising 172 car bays, a 78sqm leased retail tenancy and a 314sqm office.

Real estate group CBRE is managing the sale.

The hotel recently underwent refurbishments.

“The opportunity to secure one of Perth’s largest hotels will ignite strong investor interest from local, interstate and international groups,” CBRE’s Ryan McGinnity said.

“With Fremantle being WA’s most visited tourism precinct after the Perth CBD, the sale of the Esplanade Hotel represents an outstanding opportunity to acquire a well-established operation that has strong connections to the area’s rich history.”