A Singaporean investor has put up AUD$50 million to acquire The Adina Apartment Hotel in Brisbane, Australia, outbidding fund manager Galileo in the process, reports The Australian. The 162-room hotel is on the edge of Brisbane’s central business district.
The sellers, Toga Far East Hotels (TFE), a joint venture between Far East Hospitality Holdings and Toga Group, are reportedly selling the hotel to develop another Adina Hotel closer to the Brisbane CBD.
TFE recently bought a sandstone-clad heritage-listed 171 George Street, Brisbane, property near the popular Queen Street Mall precinct to develop into a luxury Adina property.
The Adina Apartment Hotel in Ivory Lane was listed with Mark Durran of Jones Lang LaSalle Hotels and Seb Turnbull of Jones Lang LaSalle’s Brisbane office.
TFE is not the only hotel management group intent on building more luxury accommodation in Brisbane, reports The Australian. In early 2018, Brisbane will get a new W Hotel on George Street with views of the Brisbane River. It will have 280 guestrooms and 25 suites.