Brookfield snaps up boutique hotel
Brookfield has quietly snapped up a three year old boutique hotel in Brisbane’s Fortitude Valley.
The Canada based asset manager is paying a speculated $90 million for Hotel X Brisbane Fortitude Valley Vignette, with 146 keys.
Also with 1438 square metres of fully let office space, a fitness and conference centre, ground floor restaurant tenancy and rooftop bar and pool, the seller was Pointcorp Development Group.
The off-market deal is set to settle this month; CBRE’s Wayne Bunz and Hayley Manvell were the agents.
More to come: Brookfield
Pointcorp pre-committed IHG Hotels & Resorts to the complex, at 458 Brunswick Street; Vignette Collection is the occupier’s first collection brand (story continues below).
“Hospitality is a growing focus for us in Australia and across the Asia Pacific, driven by growing international and domestic tourism numbers and reduced supply given increased borrowing and construction costs,” Brookfield co-head of Australia, Real Estate, Ruban Kaneshamoorthy, said.
“We are actively looking at other hospitality opportunities around Australia as we seek to grow our hospitality platform,” he added.
“With the highest tourism expenditure nationally and its population forecast to grow 40 per cent during the next 25 year, there is a long runway for growth in Brisbane’s hotel market, which is expected to drive significant revenue growth in the medium term,” according to the executive.
Earlier this week, Brookfield sold Sydney’s Luna Park entertainment venue to Oscars Group for $50m, some $20m less than expectation when it hit the market in June.
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