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
OtherStaff WriterTue 08 Jul 14

Largest Queensland Hotel Sells To Sydney Group

A

The

Acacia Ridge Hotel in Brisbane has sold following an Expressions of Interest Campaign to a Sydney-based hotel group for $16 million.

The high profile hotel occupies a 18,450 square metre landholding in Brisbane’s south-east growth corridor, offering a gross floor area of over 9,000 square metres- making it Queensland's largest hotel.

CBRE Hotels Manager Glenn Price, who managed the Expressions of Interest campaign, said the hotel attracted significant buyer interest and was eagerly contested by hoteliers and developers from across Queensland and the southern states.

“We were more than happy with the level of enquiry through the sale process, with buyers from across most states in Australia enquiring on the asset and playing a part in the EOI process,” Mr Price said.

The sale marks the purchaser's first acquisition in the Queensland market and confirms the current strength of the Brisbane market.

“There is an ever increasing desire from interstate publicans to enter into the Queensland hotel sector at what they perceive to be an opportune time,” Mr Price explained.

“High profile assets and those with development potential in other states are often tightly held and command bullish prices if they do come up for sale. Yields here in Queensland, while strengthening, are still generally lower than those of the Sydney and Melbourne markets.”

“The hotel had a wide-ranging appeal to us given its location, size and upside to the current business platform," a spokesperson for the buyers said.

The Sydney-based hotel group said when it comes to the future of the hotel, the size will enable multiple development opportunities.

“The sheer size of the hotel gives us plenty of room to play with and there are multiple development opportunities for the entire site in the future.”

Mr Price said the hotel’s location was also a key selling factor.

“The Acacia Ridge Hotel is situated within 10km’s of seven of the top 10 gaming hotels in Queensland, while it currently sits at around 120 in the state. In this regard, the hotel would be considered to have exponential upside in this area,” Mr Price explained.

The Acacia Ridge Hotel has 40 Gaming Machine Authorities and features multiple bars, gaming room, functions rooms and a bistro, as well as a large, drive-through bottle shop, two detached bottle shops, 27 motel rooms and 233 car parking spaces.

 

HotelAustraliaReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
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 >
Lindfield SSD Resi EDM
Residential

North Shore $154m Apartment Play Tests Zoning Limits

Vanessa Croll
Lincoln Place Eagle Point Bowls Club and Clubhouse
Land Lease Communities

Lincoln Place Plots 209-Home Scheme on Gippsland Purchase

Leon Della Bosca
Residential

National Home Prices End Year on Record High

Lindsay Saunders
The median price for an Aussie home has topped $820,000 as values rise for the fifth month in a row...
LATEST
Lindfield SSD Resi EDM
Residential

North Shore $154m Apartment Play Tests Zoning Limits

Vanessa Croll
2 Min
Lincoln Place Eagle Point Bowls Club and Clubhouse
Land Lease Communities

Lincoln Place Plots 209-Home Scheme on Gippsland Purchase

Leon Della Bosca
3 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
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/largest-queensland-hotel-sells-to-sydney-group