Jonathan Chancellor | 23 January 2013

The Sebel Mandurah sold by Accor Asia Pacific for $15 million

The Sebel Mandurah sold by Accor Asia Pacific for $15 million

The Sebel Hotel in Mandurah, which forms part of the Point Residential Apartments, has been sold by Accor Asia Pacific for about $15 million.

The buyers of the 89-room hotel are entities associated with FJM Property, a Perth company with a list of quality hotel properties already to their name.

Once a holiday town and fishing village, Mandurah has now become effectively an outer suburb of Perth, being 50 minutes from the Perth CBD situated about 70 kilometres south of Perth. But is retains its tourism attraction.

Accor, Australia’s largest hotel operator and one of the biggest in the world, has retained management of the 4½ star hotel. Rob Cross, David Kennedy and Ryan McGinnity of CBRE Hotels handled the sale of the hotel.

FJM is led by property veterans Adrian Fini, Barry Jones and David Mack and has projects, including hotels, in Leederville and Claremont, across Western Australia. The portfolio includes The Boat marina complex at Mindarie.

Adrian Fini has been involved in the property development, property investment and construction industries in Western Australia since 1977 and Adrian’s private investment companies have been in partnership with Barry Jones and David Mack’s private investment companies since 1989. He was formerly managing director of Fini Group and following its merger with Mirvac in 2001 was cheif of the expanded Mirvac Fini business. He was subsequently appointed an executive director of Mirvac Group responsible for Mirvac’s development division before resigning in 2010 to concentrate on FJM’s projects.

Barry Jones founded the Criterion Group of private investment companies with David Mack in 1987. Since then, the private group has grown its property and business holdings predominantly in the retail, office and hotel property areas.

David founded Mack & Co, chartered accountants, in 1978 and was a managing partner at the firm until 1987.

The Sebel property was one of two freehold hotels in the Mirvac portfolio that Accor bought last year. Accor have since also sold the Newcastle Beach Novotel to Australia’s largest private hotel owner, Jerry Schwartz, for about $16.5 million.

On the Sebel Mandurah's listing last July the Australian Financial Review reported $18 million price hopes along with $20 million hopes by Accor for the Newcastle offering.

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