Brisbane's Gambaro family to sell namesake hotel and restaurant
Written on the 5 September 2019 by Business News Australia
The Brisbane hotel made famous globally for hosting German Chancellor Angela Merkel as a guest during the G20 Summit is now up for sale.
Owned by one of the river city's most well-known hospitality families, the 5-star boutique Gambaro Hotel opened in 2014 on the city's lively Caxton Street and was designed by Hirsch Bedner.
With close proximity to the CBD and an outdoor sunset terrace overlooking Brisbane's iconic stadium at Lang Park, the luxury hotel features 68 guest rooms and suites
CBRE Hotels' agents Wayne Bunz and Hayley Manvell are selling the hotel on behalf of the Gambaro Group via an international expressions of interest campaign.
A CBRE representative confirmed the adjoining Gambaro's Seafood Restaurant forms part of the sale, although if a buyer wanted to buy it separately there could be potential to carve it out as a separate sale.
The sale plans coincide with the Gambaro family's decision to focus additional efforts on expanding its restaurant empire, with another new venue in the works.
Bunz says the divestment isalso a move to capitalise on the strength of the Brisbane hotel investment market and growing demand for boutique hotels.
"The smart money is actively seeking opportunities in this market, where hotels are being acquired below replacement value," says Bunz.
"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 expects to attract local and international interest. He highlights recent deals including the $94 million sale of Ibis Styles Brisbane to Worldwide Hotels Singapore; the $77 million sale to German pension fund CommerzReal of the Ibis and Mercure Hotels Brisbane; and the Hong Kong-based Ovolo's purchase of the Emporium Fortitude Valley which has been rebranded as Ovolo The Valley.
Bunz believes Brisbane will benefit from the development of around $30 billion worth of investments in major projects including the Queen's Wharf Casino & Entertainment Precinct, a second airport runway, the international mega cruise ship terminal, the Brisbane Live Entertainment Centre, rail and road projects and major new commercial precincts.
The Gambaro Group has been synonymous with food and beverage outlets since the 1950s, when it opened a fish and chip shop on Caxton Street in Petrie Terrace.
The group now operates five well known Brisbane establishments including Gambaro Restaurant, Black Hide Steakhouse, Black Hide by Gambaro at Treasury Brisbane casino and Persone, an Italian restaurant located within the new Brisbane Quarter.
Operated by TFE Hotels, the hotel was awarded 'Boutique Luxury Hotel of the Year' in 2015 and 2016 by the Luxury Travel Guide and 'QLD Best New Hotel Accommodation' in the 2014 Queensland Hotel Association (QHA) awards.
Business News Australia
Author: Business News Australia