Jones Lang LaSalle Hotels has sold the Clarion Hotel Powerhouse in Brisbane (formerly Powerhouse Boutique Hotel) to the hotel management group, View Hotels Pty Limited.
The sale, negotiated by Mike Batchelor, Executive Vice President of Jones Lang LaSalle Hotels, is the fourth hotel to be sold in Queensland this year. “This is in contrast to the previous year, when only one major hotel sale (over A$5 million) was achieved,” said Mr Batchelor. “Clearly, investors are keen to take advantage of the recovery of Queensland`s major hotel markets,” said Mr Batchelor.
And the year is not over yet. “We expect a further 2-3 sales to be transacted by the end of the year,” said Mr Batchelor.
“Interestingly, domestic buyers have dominated the hotel investment market in Queensland. This is in contrast to the flurry of investment activity by Asian investors recently seen in New South Wales,” said Mr Batchelor.
This represents the first Queensland hotel to be added to View Hotels` portfolio. They already own and operate the St Kilda Road Parkview Hotel in Melbourne and the North Sydney Harbourview Hotel in Sydney.
View Hotels has a long term vision for the Clarion Hotel Powerhouse with a major redevelopment planned in the next few years, and possibly a name change, to bring the property under the View Hotels banner.