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
ResidentialStaff WriterTue 29 Nov 16

Sydney Buyer Acquires Queensland's Largest Hotel

2M0A7805-r-1_620x380

Queensland's largest hotel, The Acacia Ridge in Brisbane's South West, has been sold to a Sydney based fund amidst a national backdrop of record breaking hotel transactions.

Originally bought in 2014 for $16m by Sydney hoteliers Peter Calligeros and partner Steve Farley, the hotel was sold off for approximately $26 million.

“The Acacia Ridge Hotel is regarded as one of the most valuable, and therefore sought after hotel properties in Queensland; having recently undergone a strategic renovation which consequently catapulted the hotel’s state gaming ranking; consistently in the state's top 10 hotels when ranked by profit," Ray White Asia Pacific Director Andrew Jolliffe said.

The Acacia Ridge Hotel has benefited greatly from the expansion and intensification of surrounding residential suburbs including Sunny Bank, Sunny Bank Hills and the $600 million Cornerstone Living Master Plan development at Cooper Plains.

Co-agent for the deal, Glenn Price from CBRE Hotels said the critical land size upon which the Acacia Ridge Hotel is located, a proportion of which is supplementary to the current hotel operation needs, provided the purchaser with ancillary mixed use development opportunities.

It is understood that interest in the sale of the hotel was widespread with Mr Jolliffe confirming the reach transcended state boundaries, with the successful buyer ultimately coming from Sydney.

"Interest from Queensland, Victorian and NSW investors was particularly strong, as well as from some of our key clients we have relationships with out of our Northern Territory office," Mr Jolliffe said.

The national hotel market has been in overdrive over the past 6 months, including the sale as reported in the Australian Financial Review of Bruce Solomon's Albion Hotel in Parramatta for $60 million.

"The confluence of the historically low interest rate cycle, ready availability of senior debt, the low Australian dollar driving inbound revenues and the strength of weekly cash receipts at the point of sale, when collectively distilled, render the opportunity to acquire A grade hospitality property wholly compelling," Mr Jolliffe said.

HotelAustraliaReal EstateDeal
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
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
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
View All >
Charter Hall’s $925m Hyde Park skyscraper
Planning

Charter Hall $925m Sydney Skyscraper Wins City Backing

Vanessa Croll
Industrial

Cadence Nabs Logistics Portfolio for $170.5m

Taryn Paris
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
The sector’s productivity has slumped and it’s costing the nation. But has the industry been looking in the wrong place …
LATEST
Charter Hall’s $925m Hyde Park skyscraper
Planning

Charter Hall $925m Sydney Skyscraper Wins City Backing

Vanessa Croll
3 Min
Industrial

Cadence Nabs Logistics Portfolio for $170.5m

Taryn Paris
3 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Development

Rare Coastal Development Opportunity in Heart of Mooloolaba

Partner Content
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/sydney-buyer-acquires-queenslands-largest-hotel