Chip Eng Seng acquires hotel in Adelaide for $43.8 million

/ EdgeProp
November 29, 2017 10:29 PM SGT
Chip Eng Seng (CES) announced on Nov 29 that it has entered into a contract for the acquisition of the Mercure & Ibis Styles Grosvenor Hotel in Adelaide, Australia for AUD 43 million ($43.77 million).
The 245-room hotel comprises 181 standard, privilege, deluxe, and suite rooms, which are operated under the Mercure brand, as well as 64 economy rooms operated under the Ibis Styles brand. Other facilities include a restaurant, bar, conference room, functions facilities, and a basement carpark.
(Picture: Chip Eng Seng)
The hotel is managed by AccorHotels. It is situated between the main retail precinct in the City of Adelaide and its North Terrace Cultural Precinct.
This is CES’ second Australian hotel acquisition in six months, says its executive chairman Raymond Chia. It is part of the Group’s strategy to expand its hospitality investment portfolio. CES acquired The Sebel Mandurah, a 84-room hotel, in Perth on Nov 2 for AUD 15 million.