Singapore group buys, rebrands Brisbane hotel
The Jaleel family’s JD Property has bought its fourth Australian hotel – outlaying $34 million.
The 4-star George Williams in Brisbane’s CBD was only on the market eight days.
At 317-325 George Street, on the corner of Turbot, it contains 102 rooms, a restaurant, meeting rooms and parking.
A $1.2m refurbishment was recently completed, including upgrading two floors.
The 680 sqm Principal Activity zoned site, near Queen Street Mall, Queen’s Wharf Casino, South Bank and Roma Street station, also has development upgrade.
“The buyer entered exclusive negotiations just eight days into the sale process, reflecting the strength of demand for prime Brisbane hotel assets,” CBRE’s Wayne Bunz, who managed the off-market campaign with Hayley Manvell, said.
Seller, YMCA Queensland, held nearly 30 years.
Singapore based JD is buying the property via its investment and asset management company High Street Holdings.
The portfolio also includes in Australia Rydges Perth Kings Square, Rydges North Sydney and Kenningo Hotel Brisbane.
It will rebrand the hotel to George Hotel Brisbane.
High Street Holdings partner David Marriott said the group’s family office was pursuing further Australian investment opportunities.
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