Hong Kong buyer takes over Fortitude Valley's Emporium Hotel
Written on the 11 January 2018 by Paris Faint
FORTITUDE Valley's Emporium Hotel has been snapped up by international chain Ovolo Hotels, marking the Hong Kong investor's second foray into the River City market in 12 months.
The Anthony John Group, which founded Emporium a decade ago, reportedly sold the property to Ovolo for $40 million.
Emporium has garnered a luxury reputation and is frequented by celebrities and other high-profile guests, however its founder and managing director Anthony John said now is the time to pass the baton as the group focuses on its new landmark project in South Bank.
"We've decided the time is right to sell our Fortitude Valley property, allowing the team to focus on the 2018 opening of our luxury boutique Southpoint Emporium Hotel," said John.
Chairman of the Ovolo Group Girish Jhunjhnuwala said investing in the Emporium was an easy choice due to its brand success and proximity to other Valley hotspots.
"The Emporium Hotel in Brisbane was an obvious choice for the brand given its incredible success to date, its boutique nature and appealing location in the Fortitude Valley retail and dining precinct," he said.
"We are excited to take this fantastic property to the next level with Ovolo's signature luxury design interiors and all-inclusive hospitality concept."
Orchestrated by CBRE, the transaction is a positive indicator for the Brisbane market according to national director of CBRE Hotels Wayne Bunz.
"The sale highlights investors growing interest in the Brisbane hotel market," said Bunz.
"CBRE continue to field investor demand for investment opportunities, with the Emporium Hotel sale negotiated in a record time of just four weeks."
Settlement of the acquisition is set to take place in April 2018.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Author: Paris Faint