Developer's bullish on local hotel sector
Hotel developer Pro-invest is on the lookout for more Brisbane sites for the no-frills Holiday Inn Express brand after settling this week on a Spring Hill property.
Demolition on an office building at 168-184 Wharf St will start later this month with the 226-room hotel expected to be completed in 18 months.
Sydney-based Pro-invest Developments managing director Tim Sherlock said, with raft of other hotel projects on the drawing board in Brisbane, the 3.5 to 4-star Holiday Inn Express should get “the jump” on its competitors.
“There have been a lot of announcements … and saturation is always a worry for many developers but we firmly believe that the market can withstand increased supply given the strong pricing at the moment,” he said.
Pro-invest will develop the hotel and then operate it through an agreement with InterContinental Hotels Group.
Mr Sherlock said the company was looking to build more Holiday Inn Express hotels in Brisbane.
“We’ve targeted sites in Fortitude Valley and South bank and in between,” he said.
Pro-invest paid $7.5million for the vacant 168-184 Wharf St in a deal negotiated by JLL’s Christian Sandstrom.
Pro-invest Hotels Group managing director Phil Kasselis said Holiday Inn Express markets itself to the business traveller and the price-conscious leisure traveller.
“It’s a highly efficient business model where guests are only paying for what they need,” he said. “Holiday Inn Express provides free breakfast and wi-fi but it doesn’t have banqueting facilities, spas and a multitude of restaurants.”
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