The Australian Rugby League Commission has snapped up the 5-star Gambaro Hotel – to occupy.
As part of the speculated $25 million deal, vendor, the Gambaro Group, will continue to operate the venue, which will be rebranded.
About 300 metres from Suncorp Stadium, the property will also be repositioned, with a sports bar theme.
“The ARLC were very focused upon acquiring an asset which could in and of itself independently trade profitably over a sustained period,” HTL Property director, Nic Simarro, who brokered the freehold going concern sale, said.
“Importantly [the property is] also one which could enjoy the benefits of new revenue creation following the activation of many levels the ARLC has as its disposal” he added.
The buyer said the acquisition is part of a strategy to invest in hard yielding assets, and diversify its balance sheet “to underwrite the future of the code”.
The Petrie Terrace venue made headlines soon after re-opening in 2014, when ex-German chancellor Angela Merkel stayed there for the G20 summit – and socialised around Caxton St.
Over four floors it contains 68 suites, previously operated by TFE Hotels, and several dining zones (story continues below).
It was last for public sale in 2019 with a different marketing agency and c$35m guide.
The Gambaro family has been connected to the precinct since the 1950s, when it opened a fish and chip shop.
“We are delighted with the sale of our hotel after operating on Caxton St for over 60 years, and as a family we are equally excited about the prospect of working with the ARLC in order to continue to grow the operation,” John Gambaro, said.
“Brisbane is enjoying wide scale investor focus given the many infrastructure projects underway and the materiality of…both the Olympics and Women’s World Cup Football events to be hosted here in the not too distant future,” HTL’s Glenn Price added.
The ARLC will upgrade the restaurant, bar, function and hotel amenities, adding food and beverage options, according to a Gambaro Group representative.
Suncorp hosts NRL and NRLW Brisbane home games.
From 2023, eight Dolphins home matches, the Men’s State of Origin and Magic Round will also be held there.
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