In Brisbane, the Anthony John Group is preparing to sell the 102-room Emporium Hotel off-market. The deal could attract as much as $50 million.
The sale reflects a "boom" in the city’s tourism and leisure sector, which can be credited to the $1-billion redevelopment of the Queens Wharf Casino. International visitor numbers in Brisbane and southeast Queensland as a whole are also expected to rise as the region prepares for major events, including the Commonwealth Games on the Gold Coast.
The Anthony John Group opened the Emporium Hotel about eight years ago as part of a mixed-use project with retail and residential elements. It is available on a five-year sale and leaseback with annual income of more than $3 million. The privately owned group has tapped McVay Real Estate to help with the sale.
Investors are seeking Australian hotels, but there are few midscale properties available. The Radisson Sydney at Darling Harbour was taken off the market by Ausbao, its Chinese owners. The hotel was expected to attract more than $40 million, but Ausbao opted instead to keep it. Interest in Alfasi Property’s hotel development in Darwin, on a site occupied by Australia Post, is also yet to result in a deal.
Source: The Australian