Best Western Gregory Terrace listed for sale as investors circle Brisbanes tightly held hotel market
Best Western Gregory Terrace listed for sale as investors circle Brisbane's tightly held hotel market
19 March 2019
The Best Western Gregory Terrace is to be offered for sale amid ongoing investor interest in Brisbane’s tightly held hotel market.
The hotel is owner operated and is being sold with Vacant Possession, providing opportunities for an incoming owner to rebrand the hotel, or retain the Best Western brand under the existing license agreement.
CBRE Hotels agents’ Hayley Manvell and Paul Fraser will manage the Expressions of Interest campaign for the 3.5-star hotel, which has been in the same family ownership for over 20 years.
The hotel is situated on a substantial 1,907sqm inner city landholding and features 38 guest rooms, a café, restaurant and bar, meeting room, swimming pool and car parking.
CBRE Hotels’ Senior Negotiator Hayley Manvell said Queensland, and more specifically Brisbane, has been the most active hotel investment market in Australia, with investors making counter cyclical plays to capitalise on improving fundamentals.
“The Brisbane hotel market is highly sought after and tightly held,” Ms Manvell said.
“With little to no stock currently available, we are expecting substantial interest in the Best Western Gregory Terrace, which will largely appeal to hotel owner operators, but also to land bankers and developers, given its substantial inner-city landholding, which offers future redevelopment potential with holding income.”
The hotel overlooks the Brisbane CBD and is located within direct proximity of key demand drivers, including the Royal Brisbane and Women's Hospital, QUT and UQ universities, Brisbane Grammar School, RNA Showgrounds and Convention Centre, Fortitude Valley and several commercial office towers.
CBRE’s Mr Fraser said; “While new hotel supply has entered the Brisbane market, most of the stock has been in the luxury category, which will bring a level of visitor demand that we have not seen before. Major investment in Brisbane’s infrastructure bodes well for the broader hotel market and we expect that the city’s hotel market performance will stabilise in 2019 ahead of a period of sustained growth.”
This will be underpinned by approximately $30 billion in major Brisbane projects underway or proposed in Brisbane including the Queen’s Wharf Casino & Entertainment Precinct, a second airport runway, international mega cruise ship terminal, Brisbane Live Entertainment Centre, multiple commercial precincts as well as rail and road projects.
The Best Western Gregory Terrace is being offered for sale by way of an Expression of Interest (“EOI”) campaign closing 16th April 2019.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.