BILLIONAIRE mining magnate Andrew “Twiggy” Forrest has bought the Orient Hotel in Fremantle.

Mr Forrest’s company Mindaroo Group wouldn’t specify how much it had paid for the hotel, but it had been on the market for around $4.5 million.

“The Orient Hotel is a beautiful, historic building in the heritage-rich West End of Fremantle, which the Minderoo Group has acquired as a long-term property investment,” a spokeswoman for the company told the Herald.

“The current tenants will remain at the property.”

City ward councillor Adin Lang was thrilled by the news, saying Mr Forrest’s decision to invest in Fremantle could have positive ramifications for the city’s economy.

“Where he goes, money seems to follow,” Cr Lang told the Herald.