Brisbane hotel in one of Australia’s most desirable hotel markets set to pique investor interest29 January 2024
The ibis Budget Windsor and adjoining development land have been listed for sale amid strong demand for accommodation investment opportunities in the 2032 Olympics host city.
CBRE Hotels’ Wayne Bunz and Hayley Manvell have been exclusively appointed to steer the Expressions of Interest campaign for the Brisbane property, which is situated on an expansive 3,682sqm site and offers 50 hotel rooms, a breakfast room, reception, and extensive onsite car parking.
The campaign follows the recent sales of the Inchcolm by Ovolo Hotel Spring Hill, Sofitel Brisbane and Quest Chermside – all of which were negotiated by CBRE Hotels.
“The ibis Budget Windsor presents an opportunity in one of Australia’s most desirable hotel markets, with Brisbane benefitting from a significant development pipeline, leading population growth, a robust and growing tourism market and world stage exposure via the 2032 Olympics, Mr. Bunz said.
“We expect substantial local and offshore buyer interest from owner-operators, hotel investment funds, syndicates, government and social housing groups, and developers.”
The Lutwyche Road hotel is operated under a hotel management agreement with Accor under the ibis Budget brand, but is being offered for sale with vacant possession, providing an incoming purchaser with operational flexibility.
There are significant demand drivers within a 1.5km radius of the asset including the Brisbane RNA Showgrounds, the Royal Brisbane & Women’s Hospital as well as Victoria Park, which will undergo a major revitalisation in preparation for the Olympics.
The hotel is also positioned to benefit from the strong rebound in domestic and international tourism in Brisbane, with domestic visitor nights having increased by 22.7% between 2019 and 2023.
Ms. Manvell said “The asset also encompasses strong future development potential, with the offering including 1,582sqm of surplus land area ripe for development. The options are endless with the zoning allowing for a variety of uses, including residential, accommodation, retail and commercial (STCA).”
The ibis Budget Windsor is being sold via an Expression of Interest campaign closing 5th March 2024.