Boutique fund manager Serene Capital has taken ownership of Adina Apartment Hotel Barrack Plaza at 138 Barrack Street in Perth’s CBD.

On Wednesday January 31, the 100-key hotel became the 11th asset in Serene’s flagship hotel fund, Serene Capital Hotel Fund 1, joining more than AU$850 million assets currently under Serene Capital management.

Adina Barrack Plaza is the third hotel partnership between Serene Capital and TFE Hotels in Australia, following Vibe Hotel Perth Subiaco and Adina Serviced Apartments Canberra Dickson.

“As a group TFE owns, manages and operates hotels, so we think like owners and operate their hotels as though they were our own,” said TFE Hotels Group Chief Operating Officer, Chris Sedgwick.

“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.”

Serene Capital plans further investment in the hotel industry, with CEO and Co-founder, Glen Boutlwood, saying 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 and Serene Capital are in discussions about a refurbishment plan for the Barrack Street hotel, in line with a rolling refurbishment of all “first-generation Adinas”.

“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,” Sedgwick said.