Iconic Perth hotel Hyatt Regency will close its doors after 36 years with owner, Singapore-based Tuan Sing Holdings Limited, announcing that the existing management agreement with Hyatt Hotels will be terminated on August 31, 2024.
Tuan Sing Holdings said the property will cease to operate as a hotel from that date and is seeking to set the venue on a new hospitality direction and is “exploring opportunities for associates with onward job opportunities”.
“It is with much regret that Hyatt Regency Perth will cease to operate, but we are grateful to have had the privilege to serve and care for all who have come through its doors,” general manager of Hyatt Regency Perth, Thiva Kesavan, said.
“As we navigate this challenging period, our thoughts are with all those affected by the hotel’s closure and we are committed to ensuring they are supported.”
Tuan Sing Holdings said it will contact customers with affected bookings. The hotel, at 99 Adelaide Terrace, will be revamped and rebranded under a new hospitality offering that is yet to be announced.
Tuan Sing Holdings Ltd’s interests centre mainly around real estate development, real estate investment and hospitality, and since marking its 50th anniversary in 2019, the group has embarked on a transformation plan “to reposition itself from a niche developer to a major regional player with a presence in commercial, residential and hospitality properties in various key Asian cities across Singapore, China, Indonesia and Australia”.
Current Tuan Sing Holdings’ hospitality assets in the Asia Pacific region include several hospitality assets including the Grand Hyatt Melbourne and the recently acquired Fraser Residences River Promenade in Singapore, a newly completed mixed-use property in a prime location that features serviced apartment units and hospitality offerings.
The hospitality portfolio of Tuan Sing will be further expanded upon the completion of the Opus Bay project in Batam, Indonesia, an integrated township currently under development that includes hospitality components. its statement said.
The Australian Hotels Association (WA) paid tribute to the long legacy of Hyatt Regency Perth which played host to many high-profile guests over the decades.
“The Hyatt Regency Perth was one of the first major global hotel brands to operate in Perth, commencing in 1988, and has made a valuable contribution to the social fabric of the city and the community for many decades,” AHA (WA) CEO, Bradley Woods said.
“The hotel has hosted Australian and world leaders, rockstars and corporate titans, as well as being the setting for innumerable wedding proposals, celebratory receptions and birthday parties.”
Woods said the decision by Tuan Sing Holdings Ltd marks “the end of an era” and a significant milestone in Perth’s hotel industry.
The announcement comes at a time when Perth hotels are experiencing their highest occupancy rates of any major city in Australia.
For the month of May, Perth hotels had an occupancy rate of 77.3%, the highest of all Australia’s capital cities. Perth was also 11% higher for the same period in 2023, with an occupancy rate of 69.4%.
