SINGAPORE - Bonvests Holdings has entered into an agreement with APHV Perth InvestCo to acquire the Four Points by Sheraton Perth for A$91.5 million (S$91.8 million).
The agreement was entered into by Bonaventure (Australia) as trustee for the Bonaventure (Australia) Trust. Both are wholly-owned by Henrick (Singapore) which is in turn a wholly-owned subsidiary of Bonvests Holdings.
The hotel is a 4.5 star hotel that was constructed in 1985 and was recently rebranded to Four Points after completing a comprehensive property improvement plan at the end of 2013. It sits on a 2,742 square metre freehold site and has 278 rooms. The hotel is managed by Starwood and the management contract runs until year 2027.
Bonvests said the acquisition, which will be funded by bank borrowings, will help it grow its revenue base in a sustainable manner by adding resilient hotels in gateway cities.
The hotel is currently held by HHR Perth as trustee for the HHR Perth Trust, and the acquisition of the hotel will be through the acquisition of all the issued shares in HHR Perth Trust and HHR Perth.