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Real Estate Update: Latest movements in the Australian hotel market

L-R: The recently acquired and soon-to-be Pacific Hotel in Brisbane and Travelodge Rockhampton, now on the market.

Welcome to HM’s latest update detailing movements in the real estate market as they relate to the accommodation industry.

Urban Hotel in the Brisbane suburb of Springhill has been acquired by Facilimate, the investment company owned by Stephen Lauder. The hotel was formerly owned by Erdi Hotels, with the deal brokered by Neil Scanlan of Colliers.

Facilimate owns and operates hotels totalling over 600 rooms in Cairns, Canberra and Fremantle. Marking its entry into the Brisbane market, the property will now undergo a significant renovation to all 179 rooms and public areas ahead of a rebrand to Pacific Hotels.

The general area around the soon-to-be Pacific Hotel Brisbane, including Roma Park, is undergoing a significant period of change as development of the new Brisbane Live entertainment precinct takes shape. Alongside the forthcoming opening of Brisbane Airport’s second runway, major increases to visitor traffic is expected in the Queensland capital.

 

Expressions of interest are being sought until 05 October 2018 for the Travelodge Rockhampton, which is now on the market on behalf of the Tucker Box Hotel Trust. The sale is being managed by CBRE Hotels and while currently managed by TFE Hotels, can be vacated for transition to a new brand at no additional cost.

The four-star property is situated close to the Fitzroy River and currently comprises 74 rooms ranging in size from 27sqm to 47sqm. Facilities also include a swimming pool, fitness centre, two F&B outlets, parking spaces, four meeting rooms and a two-bedroom manager’s residence at the rear of the property.

Medium to long-term visitation to the region is expected to be driven by new mines opening in the Bowen Basin, as well as $1.6 billion in new projects either confirmed or proposed. CBRE Hotels says this will maintain arrival numbers from the corporate market, tradespeople including FIFO workers and therefore maintain room rates at strong levels.

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