AUS: Real estate investment manager Serene Capital has assumed ownership of the Adina Apartment Hotel Barrack Plaza in Perth, Australia.
As of 31 January 2024, the 100-key Adina Apartment Hotel Barrack Plaza has joined Serene Capital’s portfolio of more than A$850 million assets under management.
It marks the eleventh hotel in Serene’s Hotel Fund 1, and the third property that Serene and TFE Hotels (which owns the Adina brand) have partnered on.
TFE is currently working on a refurbishment plan with Serene for Barrack Plaza as part of a rolling refurbishment for all first generation Adinas.
Glen Boutlwood, CEO and cofounder of Serene, said: “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. 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.”
Chris Sedgwick, COO of TFE Hotels, said: “As a group TFE owns, manages and operates hotels, so we think like owners and operate their hotels as though they were our own. 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.
“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,” he added.
