BROOKFIELD Multiplex will sell Perth's iconic Cottesloe Beach Hotel.

The developer failed to obtain a development permit after several years, and will sell the asset as an investment.

Its plans for a $100 million high rise building on the site seemed doomed in May when the Cottesloe Town Council decided to retain a three-storey height limit in the area.

Brookfield Multiplex paid $17 million for the Marine Parade property in 2003. The asking price this time around his not been disclosed.

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