The ibis Styles Brisbane, now under the ownership of the Worldwide Hotels portfolio.
The ibis Styles Brisbane, now under the ownership of the Worldwide Hotels portfolio.

Singaporean private investment group Legend Land Brisbane Pty Ltd has closed a deal to purchase the ibis Styles Brisbane from Action Hotels in an off-market sale.

CBRE Hotels facilitated the transfer of ownership, with the final sale price remaining undisclosed. The purchase is the second time this year CBRE has handled a real estate purchase for the Singaporean group. Back in April, Legend Land bought the Holiday Inn Perth, also for an undisclosed sum.

The 367-room ibis Styles Brisbane is located in the Queensland capital’s CBD at 40 Elizabeth Street, around 250 metres from the Queen St Mall.

Legend Land Brisbane Pty Ltd is a subsidiary of Worldwide Hotels – a privately backed asset group which owns and oversees six hotel brands in Singapore – Hotel Boss, V Hotel, Hotel Mi, Value Hotel, Venue Hotel and Hotel 81. Across its portfolio, Worldwide Hotels controls more than 8,000 rooms across 43 hotels in the Asia Pacific region.

CBRE Hotels’ National Director Wayne Bunz said the low Aussie dollar combined with ongoing climbs in inbound tourist numbers made for a bountiful hotel market.

“The smart money is actively seeking opportunities in Brisbane, where hotels are being acquired below replacement value.

“Investors willing to take a leap of faith into the counter-cyclical market of Brisbane are truly ahead of the curve,” Bunz said.

Other major sales brokered by CBRE in recent times include the transfer of the Emporium Hotel to Ovolo, which will open under its new flag later this month, and the Ibis and Mercure Brisbane hotels to Commerz Real.

“There is pent up buyer demand from investors seeking opportunities in Brisbane, however our greatest challenge is finding stock,” Mr Bunz said, hinting more hotels were needed in the River City.