The Shafston Hotel and Aspley Hotel Sold to Redcape Hotel Group $27.5 m JLL
Contact
The Shafston Hotel and Aspley Hotel Sold to Redcape Hotel Group $27.5 m JLL
Tom Gleeson and JLL Hotels & Hospitality Group are thrilled to announce the off-market sale of The Aspley Hotel, Aspley and the Shafston Hotel, East Brisbane, Queensland for a combined $27,500,000.
-
JLLTom Gleeson and JLL Hotels & Hospitality Group are thrilled to announce the off-market sale of The Aspley Hotel, Aspley and the Shafston Hotel, East Brisbane, Queensland for a combined $27,500,000.
Tom Gleeson and JLL Hotels & Hospitality Group are thrilled to announce the off-market sale of The Aspley Hotel, Aspley and the Shafston Hotel, East Brisbane, Queensland for a combined $27,500,000.
The dual assets provide immediate presence in the tightly held Brisbane Metro Hotel market with multiple indoor / outdoor dining and bar areas, combined gaming fleet of 74 Machines, significant land holdings (8,974 sqm combined) and a formidable existing retail liquor presence.
The portfolio sale was negotiated exclusively by JLL’s Queensland Vice President, Tom Gleeson.
Redcaps CEO Dan Brady said, “ The incorporation of these two Queensland hotels into the portfolio following the acquisition of the Gladstone Hotel in Sydney’s inner west last month, provides further evidence of a return to our strategy, post covid trading disruption. The Aspley Hotel and the Shafston Hotel will benefit from Redcape’s local knowledge, operational platform and repositioning capabilities”
Mr Gleeson States “JLL Hotels were appointed by Delaware North to assist in realising their strategic divestment initiative which now allows them to refocus on their core business lines such as sport stadiums. We congratulate Redcape Hotel Group on these exciting acquisitions that further bolster their presence within Brisbane metro gaming hotels. This announcement acutely showcases the importance of understanding not only the wider market drivers but individual group investment objectives and horizons as key industry stakeholders look to activate or re-position capital in an environment that is providing increasingly stable footing.”
The transaction signals a busy time within the hotel space with JLL Hotel’s managing the recent completion of the Gladstone Hotel, The DOG and the Accor Portfolio divestments purchased by industry heavyweights; Redcape Hotel Group, Merivale and Iris Capital respectively.
JLL Hotels has now transacted over $300m worth of hotels in the last 3 weeks with still some further announcements to come prior to the New Year break.
