The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
HotelLindsay SaundersThu 24 Aug 23

Invictus Moves on Hotel Investment Plans

Singapore-based Invictus Developments has continued to invest in the Australian hotel property market with the $25-million acquisition of Brisbane’s 5-star The Inchcolm by Ovolo Hotel at Spring Hill in Brisbane.

This acquisition closely follows Invictus’s $52.5-million purchase of an office building at 39 York Street in Sydney—to be refurbished into an upper upscale hotel.

The two buys follow the purchases of the Harbour Rocks Hotel in Sydney and Quest Woolloongabba in Brisbane in 2022.

These four acquisitions represent the first stage of an expected $500-million worth of investments by Invictus Developments in hospitality assets across the East Coast of Australia.

Sydney-based property investment management group Intergen Property Group is advising Invictus Developments on the acquisitions.

The Inchcolm Hotel was been acquired from Trio Capital, the investment and asset management business of independent lifestyle hotel group Ovolo, in an off-market transactions.

The luxury hotel features 50 guest rooms and suites, with a restaurant, conference and meeting rooms and basement carparking.

null
▲ The Inchcolm hotel has been bought for $25 million at Spring Hill, inner-Brisbane.

Management of the property will be retained by Ovolo Hotels.

The sale forms part of Ovolo’s strategic plan to recycle capital to further grow the brand throughout Australia, New Zealand, and selected Asia Pacific markets, a spokesperson said.

The Ovolo Group has tripled its room count in the past five years, including adding two assets during the pandemic, and are looking to more than double its network via hotel management agreements, acquisitions, joint ventures and investment partnerships.

“This transaction signifies a 50-per-cent-plus appreciation in value based on the 2017 acquisition, driven by strong operating fundamentals,” Trio managing director Tim Alpe said.

The sale was the first divestment under the group’s wider strategic plan, with The Woolstore 1888 By Ovolo in Sydney also on the market.

Meanwhile, Invictus Developments said it was planning a $30-million repurposing of the 15-storey York Street office building into an upscale hotel, complete with rooftop bar. The hotel is expected to open towards the end of 2025.

Invictus Developments principal Chayadi Karim said they were “very strong believers in the Australian hotel market as international travel is returning to pre-Covid levels and Australia is seen as an exciting and vibrant destination in the Asia-Pacific region”.

“The addition of the two properties, with more planned on the East Coast, adds to our current portfolio of hotels in Singapore and Japan.”

The Inchcolm Hotel sales campaign was conducted by Wayne Bunz and Steve Carroll of CBRE Hotels, while Mitch Noonan, James Aroney and Sophie Tieman of JLL acted on the sale of the 39 York Street office building.

1 of 3


Caravan park listed in tropical north


Meanwhile, another North Queensland asset has come to market, the second this week.

Hot on the heels of the listing of South Molle Island in the Whitsundays being offered via an expressions-of-interest campaign, a caravan park in the region has been put up for sale.

The Alva Beach Tourist Park is an ocean front park 16km north-east of Ayr and about 100km south of Townsville.

The park comprises 83 sites across a 1.99ha block and has beach access for pedestrians and 4WDs via bush tracks and footpaths.

The sites are a mix of powered and non-powered sites as well as 18 cabins and rooms, according to JLL Hotels, which is marketing the sale.

The freehold interest in the Alva Beach Tourist Park is available via private treaty.

HotelAustraliado not useBrisbaneReal EstateArchitectureConstructionConstructionDeal
AUTHOR
Lindsay Saunders
The Urban Developer - News Editor
More articles by this author
linkedin icon
ADVERTISEMENT
TOP STORIES
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
Medium Density housing in NSW
Exclusive

NSW Budget ‘Groundbreaking’ $1bn Guarantee to Unlock Housing

Leon Della Bosca
7 Min
View All >
Markets

Australia’s Top 20 REITs Revealed

Shravanth Reddy
Residential

National Home Prices End Year on Record High

Lindsay Saunders
Linic Property Group Saunton Jindalee
Residential

Linic Group Moves 43-Unit Jindalee Scheme Ahead

Leon Della Bosca
The five-storey $26-million project 200m from Indian Ocean promises “new benchmark in coastal living” …
LATEST
Markets

Australia’s Top 20 REITs Revealed

Shravanth Reddy
6 Min
Residential

National Home Prices End Year on Record High

Lindsay Saunders
3 Min
Linic Property Group Saunton Jindalee
Residential

Linic Group Moves 43-Unit Jindalee Scheme Ahead

Leon Della Bosca
2 Min
Star's Queen's Wharf complex that it has tried to sell its 50 per cent stake in to Chow Tai Fook Enterprises and Far East Consortium.
Hotel

Star’s Deal to Sell Queen’s Wharf Fails as Partners Exit

Marisa Wikramanayake
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/invictus-hotels-sydney-brisbane