A Syrian billionaire has purchased a luxury Brisbane hotel for an undisclosed price as one of the industries hardest hit by COVID-19 looks to have finally awoken from its slumber.
Ghassan Aboud, owner of Crystalbrook Collection has added the Fantauzzo Art Series Hotel to his growing hospitality portfolio in one of the first major hotel transactions since the pandemic hit.
CBRE Hotels’ Director Wayne Bunz helped negotiate the sale of the six-storey hotel on behalf of Melbourne based developers the Deague Group.
“This represents an exciting investment opportunity for Crystalbrook Hotels as it expands its stable of leisure and corporate hotels across Australia,” he said.
Mr Bunz said that the transaction marks a shift in attitude towards the country’s hotel market as investors predict the tide to turn in the coming months.
This deal represents the first major Australian hotel sale in 2020 during COVID-19, signalling that investors anticipate a recovery in the hotel sector.CBRE Hotels Director – Wayne Bunz
The 166-room hotel overlooks the Howard Smith Wharves underneath Brisbane’s famous Story Bridge and features a rooftop pool, fitness centre and meeting spaces.
Deague Group CEO Will Deague said that the developers are happy with the sale and that the hotel has been purchased by a buyer who appreciates its incredible splendour and location.
“We are pleased to have sold this truly 5-star property to a group that will celebrate the architecture and vibrant precinct of Howard Smith Wharves. The hotel journey was always a property development play for our group hence our decision to sell,” he said.
Crystalbrook has identified Queensland as an area of investment to target having recently acquired sites in Cairns, and Port Douglas, with the purchase of the Fantauzzo Hotel its first foray into the Brisbane market.