KUALA LUMPUR (Jan 30): YTL Corp Bhd has bought The Westin Perth for over A$200 million (RM591 million), one of the biggest hotel sales in the West Australian capital, according to the Australian Financial Review (AFR).

In a report today, AFR said Perth-based developer and construction group BGC, founded by the late Len Buckeridge, confirmed it had sold the hotel to two subsidiaries within YTL's hotel division, the Starhill Hotel (Perth) and Starhill Hotel Operator (Perth), on Tuesday.

*YTL REIT buys Japanese ski resort for RM222.5m

*Potential for growth still expected in YTL REIT

BGC had developed the five-star Westin hotel, a 368-room luxury hotel in the east side of the Perth central business district with 28 furnished suites, the signature restaurant in 'Garum' by celebrated chef Guy Grossi, and 1,700sq m of conference and meeting space.

This Westin sale follows another recent sale of Aloft Perth by BGC to Singaporean real estate group Hiap Hoe for over A$100 million in November 2018.

It was reported that the operations remain unchanged with Marriott International continuing to manage both the Westin and Aloft.

BGC director Sam Buckeridge said the sale had freed up more than A$300 million in capital for re-deployment for the company.

"We are very proud to have created two of Perth's best hotel offerings, combining BGC Construction's commitment to quality with Marriott's fantastic service delivery," Buckeridge said.

JLL Hotels & Hospitality Group's managing director Mark Durran brokered the sale.

At 10.42am, YTL Corp shed 0.87% or 1 sen to RM1.14 with 233,800 shares traded. — theedgemarkets.com

Click here for more property stories.

SHARE
RELATED POSTS
  1. YTL Corp 3Q profit jumps to RM414.6 mil on disposal gain
  2. YTL Corp sees better performance in 4Q, declares 2.5 sen dividend
  3. YTL Corp 2Q net profit up 75% on improvement in utilities, construction, cement segments