The assets will be marketed individually via separate Expression of Interest campaigns, closing April 19, 2018.
CBRE Hotels Queensland Director, Paul Fraser said; “The sale presents a great opportunity for an incoming purchaser to secure one or both sought-after venues within the accommodation, restaurant and bar scene.”
Limes Hotel is an award-winning Alexander Lotersztain designed 4.0-star boutique design hotel, which opened in 2008. The hotel comprises 21 guest rooms and a rooftop bar featuring two plunge pools. The hotel attracts a mix of mid-week corporate demand and weekend leisure demand, while the rooftop bar also generates accommodation demand from functions.
Alfred & Constance is a retro-fitted venue set within two ‘Queenslander’ style buildings incorporating a gastro-pub, beer garden, café, restaurant and Fever Night Club. The property benefits from a late-night liquor licence.
Ms Manvell commented: “These assets both possess strong brand equity, and as such we believe they will be keenly sought after from the market. Limes Hotel is a niche limited service offering, efficient in its design and layout, and is expected to appeal to hotel owner operators and high net worth individuals due to its operational simplicity”.
Mr Fraser said the opportunity for a strong food and beverage operator to reposition Alfred & Constance is truly compelling.
“Alfred & Constance has a versatile layout, and an incoming owner operator could benefit from reconfiguring the offering to reduce service points - leading to increased profitability,” Mr Fraser said.
The assets are located approximately 250m from the Fortitude Valley Train Station and close to major demand generators including the Brisbane CBD, Fortitude Valley entertainment precinct, RNA Showgrounds and Convention Centre, Royal Brisbane and Women’s Hospital, as well as nearby commercial and retail precincts.
Commenting on the upswing in hotel investment activity, Ms Manvell said: “There has been a notable increase in investor enquiry for the Brisbane market, as demonstrated by the sale of the Emporium Fortitude Valley and the Ibis and Mercure Hotels. In 2017, Brisbane recorded a double-digit swing on 2016, achieving its highest RevPAR growth since September 2012”.
“The signs are there for a strong year in 2018 as trading conditions become more favourable. Brisbane has emerged as a countercyclical investment opportunity which may continue in 2018 if conditions in commercial property markets continue to improve.”
The assets are available for sale under instruction from Anthony Connelly and Jamie Harris of McGrathNicol in their capacity as Receivers and Managers/Agents for the Mortgagee.
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CBRE Group, Inc. (NYSE:CBG), 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.