Hotel enjoys prime CBD site with easy access to Perth City Link and Northbridge.
One of the newest additions to Perth’s hotel market, the 4.5-star Peppers Kings Square Hotel on Wellington Street is for sale through Colliers International.
The 18-storey hotel which overlooks the western end of the new Perth City Link is only the second CBD hotel to go to market this year and will be sold by Colliers International Director Investment Services Ian Mickle.
Mr Mickle said there would be strong interest in the sale, which coincides with the hotel’s first year of trading.
“There’s still a lot of interest in Perth’s hotel sector which is undergoing significant rejuvenation as new hotels deliver a better range of rooms to the Perth market,” he said.
“Trade at the hotel has been improving steadily and despite projections the new supply of hotel rooms has overshot demand, Peppers Kings Square is well-positioned to capture its share of visitors to Perth.”
Tourism Research Australia is forecasting Perth’s capital city visitor nights to grow 6.4 per cent in 2018-19 and then average 4.3 per cent through 2026-27 on a rebound in business and holiday visitors.
In the short-term, Mr Mickle said hotels not in central city locations were likely to come under more pressure as competition for business travellers and tourists intensifies.
“Peppers Kings Square enjoys a prime CBD location and as the new stages of Perth City Link are built, it will also have direct access to Northbridge’s entertainment precinct.”
The privately-owned 120-room hotel has 15 levels of accommodation, a restaurant and a club lounge and is managed by the Mantra Group, Australia’s largest hotel and resort operator.
The hotel has city views to the south and to the north it overlooks Perth Arena and the partially occupied Kings Square office development which is expected to generate a steady stream of business visitors as more tenants move in.
It occupies a 426sqm site on the corner of Shafto Lane which provides easy pedestrian access to Perth train station which is 500m away, the core CBD and the new Bus Port.
The hotel’s appeal to national and international travellers is also expected to benefit from the new rail link to Perth Airport. With its opening scheduled for 2020, the Forrestfield-Airport Link will provide an 18 minute commute between the airport and Perth’s CBD.
Peppers Kings Square Hotel will be sold by international expressions of interest which close on November 30.