One of Brisbanes best-known hospitality families to sell award winning Gambaro Hotel
One of Brisbane's best-known hospitality families to sell award winning Gambaro Hotel
| 5 September 2019
The iconic Gambaro Hotel is to be offered for sale, providing an opportunity to acquire a near new 5-star boutique hotel in the highly sought-after Brisbane market.
CBRE Hotels’ agents Wayne Bunz and Hayley Manvell have been exclusively appointed to market the luxury hotel on behalf of the Gambaro Group via an International Expressions of Interest campaign.
Designed by world famous hotel designers Hirsch Bedner, the luxury Petrie Terrace hotel features 68 boutique guest rooms and suites, 24-hour reception, guest parking and an outdoor sunset terrace overlooking Suncorp Stadium and the surrounding precinct.
Opened in 2014, the hotel will provide substantial depreciation benefits to an incoming purchaser. It is currently operated by TFE Hotels under its TFE Hotels Collection brand.
The sale plans coincide with the Gambaro family’s decision to focus additional efforts on expanding its restaurant empire, with another new venue in the works. Mr Bunz said the divestment was also a move to capitalise on the strength of the Brisbane hotel investment market and growing demand for boutique hotels.
“The smart money is actively seeking opportunities in this market, where hotels are being acquired below replacement value.” Mr Bunz said.
“In 2018, Queensland - and more specifically Brisbane - was the most active hotel investment market in Australia, as investors made counter cyclical purchases to capitalise on improving fundamentals.”
The Gambaro Group has been synonymous with food and beverage outlets since the 1950s, when it opened a fish and chip shop on Petrie Terrace’s Caxton Street. The group now operates five well known Brisbane establishments, including Gambaro Restaurant, Black Hide Steakhouse, Black Hide by Gambaro at Treasury Brisbane casino and Persone, an Italian restaurant located within the new Brisbane Quarter.
The Gambaro Hotel is located 1.5km from the Brisbane CBD, in the heart of Brisbane’s premier sporting and entertainment precinct.
Fronting Petrie Terrace’s famous Caxton Street retail and dining strip and located just 300 metres from Brisbane’s Suncorp Stadium, the hotel was awarded ‘Boutique Luxury Hotel of the Year’ in 2015 and 2016 by the Luxury Travel Guide and ‘QLD Best New Hotel Accommodation’ in the 2014 Queensland Hotel Association (QHA) awards.
Mr Bunz said the sale campaign was expected to attract local and international interest, with CBRE Hotels having recently sold several Brisbane hotels to offshore investors.
These include the $94 million sale of Ibis Styles Brisbane to Worldwide Hotels Singapore, the $77 million sale to German pension fund CommerzReal of the Ibis and Mercure Hotels Brisbane and the Hong Kong-based Ovolo’s purchase of the Emporium Fortitude Valley, which has been rebranded as Ovolo The Valley.
Mr Bunz noted that Brisbane was set to benefit from the development of ~$30 billion in major projects including the Queen's Wharf Casino & Entertainment Precinct, a second airport runway, the international mega cruise ship terminal, Brisbane Live Entertainment Centre, rail and road projects and major new commercial precincts.
The Gambaro Hotel is being offered for sale by way of an Expression of Interest (“EOI”) campaign closing 10th October 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.