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Pacific Hotel Brisbane Sold for AUD $44.8 Million

Pacific Hotel Brisbane

The freehold interest in the Pacific Hotel Brisbane has been sold to the Gold Coast based Singh Enterprises for $44.8 million.

CBRE Hotels’ Wayne Bunz and Hayley Manvell negotiated the sale on behalf of the Perth-based Pacific Hotels Group following an Expression of Interest campaign.

Singh Enterprises, led by father-and-son team Teja and Sammy Singh, is a family company with a mix of assets including self-storage, service stations, and significant investments in the poultry sector.

The deal follows a string of recent hotel sales in Brisbane, including Incholm by Ovolo, Quest Chermside and the Sofitel Brisbane last year, all of which were negotiated by CBRE Hotels.

Situated on a substantial 2,899sqm inner-city land parcel above Wickham Terrace, the 12-storey, 4.0-star Pacific Hotel Brisbane comprises 179 guest rooms and suites of various configurations.

The hotel features significant guest facilities including a restaurant and bar, multiple conference and events spaces, outdoor swimming pool, gymnasium, guest laundry and 78 car spaces over four levels.

CBRE Hotels National Director Wayne Bunz said, “Brisbane continues to be Australia’s most sought-after hotel investment market, with record interest and enquiry from interstate and international capital sources looking to acquire accommodation assets, however, there continues to be limited hotel investment opportunities.”

Ms Manvell added, “The city is emerging as a highly attractive tourism destination thanks to Brisbane’s growing population, transformative development projects and worldwide exposure via the upcoming 2032 Brisbane Olympic Games, with tourism and visitation levels expected to be double that of pre-Covid levels by 2032.”

Based on CBRE Hotel’s ongoing research in relation to the Brisbane supply pipeline, there are currently 1,556 rooms which are either currently under construction or proposed in Brisbane, however only 452 which will open in the immediate future:

New Hotel Pipeline – Brisbane

Property

Location

Status

Rooms

Opening

Swiss-Belhotel Kangaroo Point

Kangaroo Point

Under Construction

112

Jul-24

The Star Grand Hotel

Queen’s Wharf

Under Construction

340

Aug-24

Dorsett Hotel

Queen’s Wharf

Under Construction

387

TBA

Rosewood Brisbane

Queen’s Wharf

Under Construction

150

TBA

Hyatt Place South City Square

Woolloongabba

Proposed

176

Unknown

Hilton Garden Inn

Spring Hill

Proposed

129

Mar-25

Meriton 204 Alice St

CBD

Proposed

262

Sep-28

Total

 

 

1,556

 

In terms of performance Brisbane Average Daily Rate across the market is forecast to sit at around $246, after two years of substantial rate uplift. Occupancy is forecast to sit in the mid 70% range, after moderate growth off the back of strong demand from a business, educational and event perspective as well as the continued recovery in international room night demand.

Posted by on April 17, 2024.

Categories: Development

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