Ark Capital Partners and its investor, Kyko Group, have acquired the Seasons of Perth Hotel, which will undergo extensive renovation and rebranding to become Perth’s newest lifestyle hotel, when it reopens in 2024. The investment signals the group’s confidence in Western Australia’s growing tourism sector, with the state enjoying a record $14 billion in visitor spend in 2022.
Bill Jenkings, Managing Director of Kyko Group said: “With a national and multi-sector property focus, we are excited with our acquisition and the potential of the Seasons of Perth Hotel, which boasts a prime location and the perfect blank canvas to become a thriving lifestyle destination. We are proud to partner with Ark Capital Partners on this exciting development to capitalise on the long-term growth of tourism in Perth at a time when the city is undergoing a major revitalisation.”
Ark Capital Partners will bring together the best designers and consultants to deliver a lifestyle hotel that creates a strong sense of community and connection, which is what travellers and locals are increasingly looking for.
“The Seasons of Perth Hotel presents a significant opportunity for us to completely renovate and reposition the hotel to deliver superior returns for our investor,” said Rahul Parrab,
Managing Director and CEO of Ark Capital Partners. “More than just putting a new name on the hotel, we will deliver a tailored strategy to unlock its full potential and create something that locals will love, and visitors will flock to.”
Lifestyle hotels are leading the tourism recovery, as people seek out more immersive, memorable, and meaningful travel, but Perth is underrepresented in true lifestyle hotels. With guests willing to pay a 15 – 20% premium to stay at a lifestyle hotel, Ark Capital Partners aims to drive both rooms and food & beverage revenues by transforming the existing midscale hotel into a design-led, market-leading lifestyle hotel befitting the vibrancy of Perth.
The tourism industry has moved beyond recovery to renewal, and the rejuvenation of the Seasons of Perth Hotel will add an important piece of lifestyle infrastructure as Western Australia invests in attracting more visitors from interstate and internationally.
Perfectly positioned between Murray and Hay Streets, the hotel’s location on Pier Street puts it in the heart of the city’s East End Revitalisation project. Pier Street boasts an eclectic collection of heritage buildings and is fast becoming a multicultural food precinct. It is within easy access to Optus Stadium, Elizabeth Quay, Perth Convention & Exhibition Centre, and Kings Park & Botanic Garden. It is also on the doorstep to Yagan Square, RAC Arena and some of the city’s best shopping and nightlife.
With an extensive street frontage, the hotel has the potential to create a destinational entertainment, bar and dining precinct to bring even more life to the east of the city.
Formerly the Transit Inn, the hotel opened in the 1970s and was the place to see and be seen. In keeping with the theme of renewal, the developers are strongly committed to the environment. They will retain the strong bones of the hotel, while investing in key infrastructure, technology, and operational efficiencies to accelerate positive sustainability outcomes, and imbue the property with a sense of place that tells the story of its neighbourhood. The hotel features 120 spacious rooms and suites (some of the largest in the city), an outdoor swimming pool, restaurant, bar, events & function spaces, and secure basement parking.
