Singaporean purchaser checks into Australia with Brisbane acquisition

​Brisbane, 12 December 2013 - A private Asian investor has forged into the Australian market to acquire a boutique hotel property in Brisbane.

The purchaser has acquired the Diamant Hotel in Spring Hill, Brisbane in its first foray into Australia.

CBRE Hotels negotiated the sale of the Diamant on behalf of Sydney entrepreneur Paul Fischmann of 8Hotels. Mr Fischmann purchased the hotel business in 2011 and later acquired the hotel freehold via a put and call option, from the owners of the freehold, Portal Developments, who developed the property in 2009.

Rick Bird, Director of Portal Developments, said it was a good result for both the landlord and operator, who had enjoyed an excellent relationship.

Mr Fischmann said 8Hotels was positive about the longer-term prospects of the Brisbane hotel market but had determined that the time was right to sell and deploy capital elsewhere.

“There is strong off shore interest for hotel assets of this calibre and we are very happy with the price achieved,” Mr Fischmann said.

CBRE Hotels Senior Director Wayne Bunz negotiated the sale of the modern 84 room boutique hotel via an off market campaign.

Mr Bunz said the buyer of the hotel wished to remain anonymous. However, he added that CBRE Hotels had a strong record of sourcing maiden capital to Australia and this was another example of this being facilitated through the strength of the firm’s Asian network, headed up in Singapore by CBRE Hotels Executive Managing Director Art Buser.

The deal highlighted, he said, the strength of the Brisbane market, which was viewed as a key destination for hotel investors both domestically and from Asia.

“Whilst occupancy and room rates have been down over the past six months, Brisbane is a very resilient market and the expectation is that occupancies and rates will rebound strongly in 2014,” Mr Bunz said.

“The Queensland Government is doing an exceptional job of strengthening the state’s economy, with the mining industry already showing signs of recovery.”