Bill and Mario Gravanis’ Oscars Hotel Group is paying a speculated $50 million for the Oakwood guesthouse beside Brisbane’s Story Bridge.
The vendor, Mapletree Investments, spent $48m in 2015; at the time the property was known as Brisbane Adina Hotel.
The 11 storey building at 15 Ivory Lane contains 162 suites, a bistro, business centre, gym and pool.
It is near the Cyrstalbrook Vincent – formerly known as the Fauntauzzo Art Series Hotel – which Syrian businessman Ghassan Aboud acquired from the Deague family for c$70m last September.
Also at about that time, Thailand based Amora Hotels & Resorts outlaid $67.9m for the Novotel Brisbane.
That vendor was CDL Hospitality Trust.
In 2019, Salter Brothers picked up the NEXT Hotel Brisbane, and an adjoining retail investment, from Challenger for $150m.
CBRE’s Wayne Bunz is understood to have marketed the Oakwood Hotel & Apartments building (story continues below).
The Brisbane deal comes three months since Oscars Hotel sold Wollongong’s Five Islands Hotel to Paddy Coughlan’s Ludlow Group for $20.7m.
The vendor paid $1.1m in 2017 before embarking on a major renovation.
In May, the Gravanis brothers banked $17m offloading Darlinghurst’s The Strand Hotel to Jon Adgemis’ JAVA Group for $25m.
That property had also just undergone a refurbishment – worth $3m.
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