Chip Eng Seng acquires hotel and restaurant in Western Australia at $16.2 mil
By Angela Teo
/ The Edge Property |
On August 1, Chip Eng Seng Corporation announced that it has contracted to acquire The Sebel Mandurah, a hotel in Western Australia. Chip Eng Seng will also acquire a strata restaurant within the hotel’s premises. The total purchase price works out to be A$15 million (S$16.2 million). Both the hotel and restaurant property have freehold tenure.
Built in 2009 and managed by AccorHotels, The 84-key Sebel Mandurah is said to have vistas of the Mandurah canals. In addition, the hotel is located next to the Mandurah Arts and Convention centre. Guests have access to dolphin and whale watching cruises, the Margaret River wine region and golf facilities at Meadow Springs.
The Sebel Mandurah is located 50 minutes from the Perth central business district and airport. Besides the hotel property and business, the acquisition includes a strata restaurant leased and operated by The Peninsula Bar & Restaurant that is located on the ground floor of the hotel. The strata restaurant property has a lettable area of about 18,040 sq ft.
The acquisition will be financed by internal sources and is expected to be completed in November.
Source: Chip Eng Seng
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