The fifty-one room Jephson Hotel in Toowong has been purchased by locally based Asian investors for $15.8 million. The sale equates to $310,000 per room and has set a benchmark for quality suburban hotel assets.
The property is four kilometres from Brisbane's inner city district, strategically located in the inner city suburb of Toowong and a short walk to the Coronation Drive corporate area.
It is also within close proximity to The Wesley Hospital and University of Queensland.
“Since opening in 2011, the property has performed exceptionally well. As a result the Expression of Interest campaign conducted achieved significant interest from owner operators and hotel investors,” Colliers International National Director Hotels Neil Scanlan said.
Mr Scanlan was responsible for marketing the property.
“This is a great result as it shows that there are still astute investors looking to capture the potential future growth of the Brisbane hotel market," he said.
“The next several years will remain strong for the Brisbane hotel market spurred on by the significant infrastructure projects planned for the City such as $5.4 billion Cross River Rail and $3 billion Queen’s Wharf development."According to Colliers International, the Jephson Hotel features nine different accommodation options to choose from comprising of hotel style rooms, one and two bedroom apartments and three bedroom penthouses. Every hotel room and apartment comes with a furnished balcony.
The hotel contains a bar lounge and café, conference and boardroom facilities, rooftop function space and free secure parking. Located on the ground floor is the Covet Restaurant and Bar, which serves modern Australian cuisine for every meal of the day.
Colliers International said services include free in-house movies, free Wi-Fi, room service and mini-bar, guest computer area, dry cleaning and guest laundry services.