(IN SHORT) TFE Hotels has entered into a partnership agreement with Serene Capital, a Boutique Fund Manager, for the Adina Apartment Hotel Barrack Plaza in Perth’s CBD. The hotel, consisting of 100 keys, now falls under the ownership of Serene Capital, expanding their portfolio to over A$850 million in assets. This partnership marks the third collaboration between TFE Hotels and Serene Capital in Australia, following the success of Vibe Hotel Perth Subiaco and Adina Serviced Apartments Canberra Dickson. Plans for refurbishments at Adina Barrack Plaza are in progress, and Serene Capital aims to acquire additional hotels in its fund throughout 2024, with potential equity from Family Offices, HNW individuals, and wholesale investors in the coming months.
(PRESS RELEASE) Perth, Australia, 2024-Feb-2 — /Travel PR News/ — Sydney based hotel company, TFE Hotels, has hit the ground running in 2024 with the announcement of a new partnership agreement in Western Australia.
In breaking news, Boutique Fund Manager, Serene Capital, has taken ownership of the Adina Apartment Hotel Barrack Plaza, a 100-key hotel at 138 Barrack Street in Perth’s CBD. As of Wednesday, January 31, the hotel joined more than A$850 million assets currently under Serene Capital management.
TFE Hotels’ Group Chief Operating Officer, Chris Sedgwick, said Adina Barrack Plaza was the third hotel that Serene Capital and TFE Hotels had partnered on in Australia, following the success of Vibe Hotel Perth Subiaco (WA) and Adina Serviced Apartments Canberra Dickson (ACT).
“As a group TFE owns, manages and operates hotels, so we think like owners and operate their hotels as though they were our own,” Sedgwick said. “Great hotels, professional hotel teams, and centralised locations like Barrack Plaza are the key drivers to success alongside long-term partnerships with dynamic owners, like Serene Capital, who really allow us to do what we do best,” he said.
Adina Barrack Plaza is the eleventh asset in Serene’s flagship hotel fund, Serene Capital Hotel Fund 1, with CEO and Co-Founder, Glen Boutlwood, saying more acquisitions are in the pipeline.
“Serene Capital will look to acquire additional hotels in the fund throughout 2024 with additional equity to be raised from Family Offices, HNW individuals and wholesale investors as part of the third close of the fund on 31 March 2024,” Boultwood said. “We will continue to grow with operators who are flexible, and who are happy to revisit operating structures over time as market dynamics change for both parties benefit, rather than remain rigid. TFE Hotels is such an operator.”
TFE is currently working on a refurbishment plan with Serene Capital for Barrack Plaza – as part of a rolling refurbishment for all first generation Adinas – and looked forward to announcing more soon.
“2024 is going to be an exciting year for TFE Hotels as we continue to invest in technology and expand our portfolio both here and abroad,” Chris Sedgwick said.
What’s in a name: Adina Apartment Hotel Barrack Plaza (can be shortened to Adina Barrack Plaza after first use).
WHO ARE TFE HOTELS?
TFE Hotels (TOGA Far East Hotels) is Australia’s International Hotel Group – headquartered in Sydney and operating in Australia, New Zealand, Germany, Denmark, Hungary, Austria, Singapore, and Switzerland. TFE has a portfolio of seven hotel brands – A by Adina, Adina Hotels, Vibe Hotels, Quincy Hotels, Travelodge Hotels, Rendezvous Hotels and Collection by TFE Hotels, with more in the development pipeline.
TFE Hotels acknowledges the traditional owners of the lands we conduct business upon and pays our respects to Elders past, present and emerging. We respect the Country itself, including its trees, animals, spirits, waters, skies, stars, and special sites. https://www.tfehotels.com/
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Source: TFE Hotels