The deal is the second large hotel acquisition by a Singaporean group in Australia since October
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Two firms have acted on the sale of Crowne Plaza Perth to I-Power Management in the biggest hotel acquisition yet in Perth this year.
Lavan acted for I-Power while Squire Patton Boggs advised Avant Hotels, which sold the hotel.
According to Business News Western Australia, Avant sold the 189-room hotel – which it bought for $9m in 1990 – for $50m following a $9m refit.
The deal is the second large hotel acquisition by a Singaporean group since October, said Business News. Another Singaporean group bought the Novotel Perth Langley for $80m last year.
The sale of Crowne Plaza Perth also follows the $42m sale last year of the Quest on Adelaide Terrace, now Quest East Perth, the largest hotel sale in Perth last year.
The Squire Patton Boggs team on the deal was led by partner Rahul Parrab, along with of counsel Mark Palermo. Parrab joined the firm just six months ago from Baker McKenzie.
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Rahul Parab
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Lavan acted for I-Power while Squire Patton Boggs advised Avant Hotels, which sold the hotel.
According to Business News Western Australia, Avant sold the 189-room hotel – which it bought for $9m in 1990 – for $50m following a $9m refit.
The deal is the second large hotel acquisition by a Singaporean group since October, said Business News. Another Singaporean group bought the Novotel Perth Langley for $80m last year.
The sale of Crowne Plaza Perth also follows the $42m sale last year of the Quest on Adelaide Terrace, now Quest East Perth, the largest hotel sale in Perth last year.
The Squire Patton Boggs team on the deal was led by partner Rahul Parrab, along with of counsel Mark Palermo. Parrab joined the firm just six months ago from Baker McKenzie.
Rahul Parab
Related stories:
Squire Patton Boggs acts on flagship Perth development
NRF acts on $100m financing for commercial project in PNG
