Australia: The award-winning Gambaro Hotel in the Petrie Terrace suburb of Brisbane has been put on the market by CBRE Hotels.
The luxury hotel features 68 guest rooms and suites, a restaurant and bar, conference centre, 24-hour reception, and outdoor terrace overlooking Suncorp Stadium.
It originally opened in 2014 and is currently operated by TFE Hotels under its TFE Hotels Collection brand.
CBRE Hotels’ agents, Wayne Bunz and Hayley Manvell, have been appointed to market the hotel via an International Expressions of Interest campaign that will be closing October 10, 2019.
Bunz said that the divestment was a move to capitalise on the strength of the Brisbane hotel investment market and its growing demand for boutique hotels: “In 2018, Queensland – and more specifically Brisbane – was the most active hotel investment market in Australia, as investors made counter cyclical purchases to capitalise on improving fundamentals.”
Bunz added that the sale campaign is expected to attract local as well as international interest. CBRE Hotels have recently sold several Brisbane hotels to offshore investors, including the $94 million sale of Ibis Styles Brisbane to Worldwide Hotels Singapore, and the $77 million sale to German pension fund CommerzReal of the Ibis and Mercure Hotels Brisbane.
The sale of Gambaro Hotel coincides with the Gambaro family’s decision to focus efforts on expanding its restaurant empire, with a new venue already in the pipeline.
