Sydney-based Hotel Company, TFE Hotels, has hit the ground running in 2024 with the announcement of a new partnership agreement in Western Australia.
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. 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.”
Adina Barrack Plaza is the eleventh asset in Serene’s flagship hotel fund, Serene Capital Hotel Fund 1. CEO and Co-Founder, Glen Boutlwood said 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 looks forward to announcing more soon.
“It is going to be an exciting year for TFE Hotels in 2024, as we continue to invest in technology and expand our portfolio both here and abroad,” Chris Sedgwick said.
