Australia: A private investor has bought the Quest Adelaide Terrace Apartment Hotel for $42 million.
The West Australian-based listed company Diploma Group sold the
serviced apartment complex, which is midway through construction at
176 Adelaide Terrace.
Located in Perth's CBD, the project will have 130 rooms, apartments and self-contained studios across 20 floors when construction is completed in June this year. It is pre-leased on a long-term basis to Quest Apartment Hotels.
"We are pleased to have concluded the due diligence process and executed the contract of sale," Diploma chief executive Nick Di Latte said. "The sale proceeds on completion will place the group in a strengthened position to fund ongoing working capital requirements and reduce project specific debt."