High Street Holdings, a Singapore-based investment and asset management company, purchased Peppers Kings Square Hotel in Perth, Australia, for 26 million Australian dollars ($18 million) on Tuesday, the company announced in a news release from CBRE Hotels, which brokered the deal.
The 120-key property will be rebranded as Rydges Kings Square.
Daniel Yip, a partner at High Street Holdings, said in the news release that the hotel is a “great value-add opportunity in one of the country’s hottest economies.”
“Given the supply and demand dynamics of the Perth hotel market, the hotel’s location and the size of rooms, we are thrilled to strengthen our relationship with EVENT Hospitality & Entertainment (EVT) and bring the Rydges brand back to Perth,” he said.
This marks the third Australian hotel in the company’s portfolio after it bought Rydges North Sydney for $75 million Australian dollars ($52.1 million) in June and the Kennigo Hotel Brisbane in June 2021.