New Singapore owners for Perth’s Chifley hotel

MICEBTN
Wednesday, 23 January 2008

The Chifley On The Terrace hotel located on St George’s Terrace, Perth, has been sold to Singapore’s Ascott Residence Trust (ART) for A28.5 million.

Upon completion of legalities, the 84-unit serviced residence will be re-branded Somerset St Georges Terrace, Perth and will be managed by Ascott International
Management (Australia), an indirectly wholly owned subsidiary of The Ascott Group Limited.

Lim Jit Poh, chairman of Ascott Residence Trust Management Limited (ARTML), expects WA’s mining boom and new infrastructure projects to drive demand for quality short and long-term accommodation in the city for the next few years.

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