CBRE Hotels’ national director Wayne Bunz brokered the off-market deal on behalf of Action Hotels. The sale price was undisclosed.
The ibis Styles Brisbane has been sold to one of Singapore’s wealthiest private groups, Legend Land Brisbane Pty Ltd, a subsidiary of Worldwide Hotels.
CBRE Hotels’ national director Wayne Bunz brokered the off-market deal on behalf of Action Hotels. The sale price was undisclosed.
It is the group’s second Australian hotel acquisition this year following its Holiday Inn, Perth purchase in April, also through CBRE Hotels.
Opened in March 2016, the 367-room ibis Styles Hotel is located in the Brisbane CBD.
Worldwide Hotels currently owns and manages six hotel brands in Singapore, namely Hotel Boss, V Hotel, Hotel Mi, Value Hotel, Venue Hotel and Hotel 81.
Recognised as Singapore’s leading tourist-class hotel group, Worldwide Hotels controls 43 hotels across Asia Pacific and over 8,000 rooms.
Carolyn Choo, managing director of Worldwide Hotels, said; “It is the intention of the group to expand worldwide, in line with the next phase of its long-term plans. Worldwide Hotels strives to be a significant player in the global hospitality scene.”
CBRE Hotels’ Bunz said the low Australian dollar coupled with strong tourism growth had helped to fuel offshore buyer demand for hotel investments nationwide – with Brisbane viewed as a counter cyclical investment opportunity.
“The smart money is actively seeking opportunities in Brisbane, where hotels are being acquired below replacement value,” Bunz said.
“Investors willing to take a leap of faith into the counter-cyclical market of Brisbane are truly ahead of the curve.”
Factoring in the ibis Styles sale, more than $200 million in offshore capital has been invested in Brisbane hotel acquisitions in the past 12 months via German, Hong Kong and Singaporean investors.