Ark Capital Partners is making waves in the Australian accommodation and industry and HM can reveal the group, led by popular executives Mark Bullock and Rahul Parrab, has acquired its second hotel, Seasons of Perth, which is set to undergo a major makeover and reflag under one of the world’s leading lifestyle brands.
The group have acquired the Seasons of Perth Hotel with key investor Kyko Group and following an extensive renovation and rebranding, it will become Western Australia’s newest lifestyle hotel when it reopens in 2024.
HM can reveal that the hotel will re-open under one of the world’s most in-demand brands that will make its Australian debut when the property re-opens and an announcement is expected in the coming weeks.
“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 Parrab, Ark Capital Partners’ Managing Director and CEO.
“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.”
Parrab confirmed to HM that 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”.
He also said 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 investment signals the group’s confidence in Western Australia’s growing tourism sector, with the state enjoying a record AU$14 billion in visitor spend in 2022.
“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,” said Kyko Group Managing Director, Bill Jenkings.
“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.”
Parrab said 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.
Parrab said Ark 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, an outdoor swimming pool, restaurant, bar, events and function spaces, and secure basement parking.