The hotels (412 rooms combined with voco Brisbane City Centre) are located in a prime waterfront location and were acquired off-market on behalf of CommerzReal in 2017. The hotels represented a unique countercyclical opportunity with a strong underlying demand growth outlook. They were acquired substantially below replacement value while under a triple-net lease to Accor until 2021 providing a minimum rental guarantee during the forecast market’s recovery period.
The assets’ value potential is being unlocked through an extensive $40m refurbishment and repositioning strategy being delivered by Pro-invest’s on the ground specialist development asset management team which will see the hotels converted to IHG’s leading international lifestyle brands, voco and Hotel Indigo.
This hotel is managed by Vista Hospitality Group