Opened in 2008, the 4-star boutique hotel comprises 21 guest rooms and a rooftop bar featuring two plunge pools.
“The investment fundamentals for this asset are truly compelling and, as such, the asset was highly sought after, with the sales campaign attracting approximately 150 enquiries from a range of hospitality owner operators, funds and investors,” Ms Manvell said.
“The asset also generated interest from several offshore investors, with the phenomenal response reflecting the strong marketing campaign and the high-profile nature of this asset.”
Arnaud Millecamps, of hotel investment advisory firm Prime Square, assisted the purchasers in the acquisition.
CBRE’s Mr Fraser said; “The refresh of the Limes Hotel will provide a boost for Brisbane’s Fortitude Valley precinct and we are excited to see the direction the new owners take for this renowned property.”
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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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.