The Travelodge Rockhampton has been acquired by a private Chinese investment group making its first foray into the Queensland hotel market.
CBRE Hotels’ Hayley Manvell and Wayne Bunz sold the hotel on behalf of the Tucker Box Hotel Trust.
The asset traded at a yield of 8.68%.
CBRE Hotels’ Senior Negotiator Hayley Manvell said; “The asset attracted exceptionally strong interest, with multiple offers received in the first week of the campaign. A stock shortage is helping to draw buyer attention to Queensland opportunities as investors are priced out of southern markets.”
The 4-star Rockhampton CBD hotel features 74 rooms and extensive facilities, incorporating four conference and meeting rooms, two food and beverage venues, a swimming pool, gymnasium and ample parking.
The hotel will continue to be operated by TFE Hotels under the Travelodge brand.
In 2018, CBRE Hotels transacted a range of regional Queensland assets, including the QT Port Douglas, Rydges Gladstone, Cairns Queenslander and Airlie Beach Hotel.
“Investors are seeking to capitalise on the Sunshine State’s strong tourism fundamentals, and we can expect to see more transactions taking place along the Queensland coast throughout 2019,” Ms Manvell said.
CBRE Hotels is currently marketing the Don Pancho Resort in Bargara, with a shortlisting process underway.
CBRE Hotels’ Hayley Manvell and Wayne Bunz sold the hotel on behalf of the Tucker Box Hotel Trust.
The asset traded at a yield of 8.68%.
CBRE Hotels’ Senior Negotiator Hayley Manvell said; “The asset attracted exceptionally strong interest, with multiple offers received in the first week of the campaign. A stock shortage is helping to draw buyer attention to Queensland opportunities as investors are priced out of southern markets.”
The 4-star Rockhampton CBD hotel features 74 rooms and extensive facilities, incorporating four conference and meeting rooms, two food and beverage venues, a swimming pool, gymnasium and ample parking.
The hotel will continue to be operated by TFE Hotels under the Travelodge brand.
In 2018, CBRE Hotels transacted a range of regional Queensland assets, including the QT Port Douglas, Rydges Gladstone, Cairns Queenslander and Airlie Beach Hotel.
“Investors are seeking to capitalise on the Sunshine State’s strong tourism fundamentals, and we can expect to see more transactions taking place along the Queensland coast throughout 2019,” Ms Manvell said.
CBRE Hotels is currently marketing the Don Pancho Resort in Bargara, with a shortlisting process underway.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
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.
About CBRE Group, Inc.
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.
