Hotels

City Developments Limited, through its wholly-owned hotel subsidiary Millennium & Copthorne Hotels Limited and in a 50:50 Joint Venture (JV) with its New Zealand-listed subsidiary Millennium & Copthorne Hotels New Zealand Limited, has agreed to acquire the Sofitel Brisbane Central hotel in Australia from Brookfield Asset Management at a purchase price of A$177.7 million, or A$427,000 per key.

Private equity investor Property Bank Australia has sold 71 Longueville Road in Lane Cove to Laundy Hotels for its new head office.

One of the most iconic hotel properties in Australia is on the market for over $200 million.

Rainbow Beach’s only pub, the Rainbow Beach Hotel, has been sold by leading agency Savills.

After only opening its doors in September last year, the freehold interest in the Mercure Pakenham has sold to a Melbourne based investor for $15,800,000 on a sharp passing yield of 5%.

Abode Hotel and Apartments Woden in Canberra has been listed for sale by Boutique Property Investment Fund Manager – The Shakespeare Property Group, with price expectations around $50 million. CBRE Hotels’ Michael Simpson and Vasso Zographou are managing the sale via an Expressions of Interest campaign closing March 6, 2023. …

A Caboolture pub favourite and local shopping centre have been sold by leading agency Savills Australia in an off-market transaction.

Elanor Investors Group has completed a $25 million capital raising for the Elanor Hotel Accommodation Fund (“EHAF”) to acquire the Chateau Yering, Yarra Valley and Wildes Boutique Hotel, Kangaroo Valley accommodation hotels.

Queensland publican Jaz Mooney of Middle Head Ventures has sold Normanby Hotel to locally based Ingham-Myers Hotels for $15 million.

A favourite hotel with the locals has been sold in regional Queensland by leading agency Savills, reflecting the continued appetite for regional hotels in the post-COVID climate.

With the opening of around 3,420 rooms in 10 major markets throughout 2022, new hotel supply represented a moderation from the more than 5,000 rooms which opened in 2021, enabling hoteliers to respond dynamically to changes in tourism demand and spending and market conditions, according to Karen Wales, Colliers’ Asia Pacific Director of Hotels.

Logan is set to welcome its first new hotel in more than 15 years as the city gears up towards the 2032 Olympics, Logan’s population surges and visitation figures outstrip current accommodation availability.

Redhill Hospitality has acquired the freehold going concern interest in Tenterfield’s Best Western Henry Parkes Motel, highlighting the continued investor interest in quality motels in strategic locations. 

The Freehold Going Concern of the Lucinda Point Hotel Motel has hit the market, with buyers expected to jump at the strategically located asset.

The world-renowned Cradle Mountain Lodge, considered Tasmania’s best luxury lodge, has been listed for sale by the ASX-listed Elanor Investors Group.