Fremantle’s first hotel has $100m price tag
Western Australia’s hotel market is to receive a fresh test as property fund manager Primewest puts the historic Esplanade Hotel in Fremantle on the block for more than $100 million.
The building, on the corner of Marine Terrace and Essex St, has been refurbished and restored in recent years, and is considered one of the city’s best.
Primewest bought the hotel in 2012 from Midland Brick heiress Marilyn New for $88.5m, and then installed Rydges as operator.
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Now, CBRE’s Aaron Desange, Ryan McGinnity and Chloe Mason are selling the landmark, which originally opened in 1897 as Fremantle’s first hotel.
The hotel has 300 guestrooms, four food and drinks outlets and conference facilities. The property has significant underlying land value and is situated over two sites that span more than 1.2ha.
A 3043sqm site opposite the hotel, comprising 172 car bays, and a small shop and office component is also being offered.
Desange says significant investment in the area — including a public and private development pipeline spend exceeding $1.3 billion — will boost the area’s tourism and retail industries.
“Fremantle has not seen this level of development and investment since the America’s Cup over three decades ago,” he says.
This article originally appeared on www.theaustralian.com.au/property.