Brisbane ibis Styles Hotel Sold for $100m
Legend Land, an associate of Worldwide Hotels has acquired the Brisbane’s ibis Styles hotel in a deal worth about $100 million. The 367-room ibis Styles hotel, which fronts 40 Elizabeth Street in the Brisbane CBD, was opened in March 2016. The vendor, Action Hotel is recognized as an active hotel company in the Middle East and Australia with 16 different hotels across the region.
According to CBRE, more than $200m in offshore capital has been invested in Brisbane hotel acquisitions in the past 12 months via German, Hong Kong and Singaporean buyers. Recent sales include the Emporium Hotel, Fortitude Valley, to Ovolo for $34m and the Ibis and Mercure Brisbane hotels to Commerz Real.
According CBRE research, Brisbane experienced a 1.6% decline in occupancy while ADR grew 1.5%, resulting in Rev PAR falling 0.1%. There has been increased visitation from domestic travellers for holidaying and business thanks to the falling dollar. Total visitor nights from corporate travellers grew 25%, coinciding with the improved business outlook for QLD.