The Emporium Hotel in Brisbane’s Fortitude Valley has been acquired for about $40 million dollars by Hong Kong-based hotel operator Ovolo Hotels.
The 102-room Emporium Hotel on Ann Street was opened in 2007 by the Anthony John Group.
It is the second Brisbane hotel acquired by Ovolo following the sale of the New Inchcolm Hotel & Suites in for $16.5 million in June.
Emporium Hotel managing director, Tony John, of the Anthony John Group said that the time was right to sell the property as the group plans to open their new flagship Emporium hotel in Brisbane’s South Bank in mid-2018.
Ovolo now has five hotels in Australia, including two in Sydney at Woolloomooloo and Darling Harbour, and Little Bourke Street in Melbourne.
"The Emporium Hotel in Brisbane was an obvious choice for the brand given its incredible success to date, its boutique nature and appealing location in the Fortitude Valley retail and dining precinct," Ovolo chief executive Girish Jhunjhnuwala said.
The acquisition was brokered by national director of CBRE Hotels, Wayne Bunz who said the off-market transaction is a very positive sign for the market.
“The sale highlights investors growing interest in the Brisbane hotel market. CBRE continues to field investor demand for investment opportunities, with the Emporium Hotel sale negotiated in a record time of just four weeks.”
Dave Baswal, Ovolo’s chief operating officer said that the acquisition showed the group’s commitment to the Brisbane hotel market.
“We strongly believe in the strength and growth of key CBD markets and this second acquisition further demonstrates our commitment to the Brisbane market,” Ovolo’s chief operating officer Dave Baswal said.
The settlement of Ovolo’s acquisition of Emporium Hotel is set to be finalised in April.
