CBRE Hotels’ National Director Wayne Bunz brokered the off-market deal on behalf of Action Hotels. The sale price was undisclosed.

It is the group’s second Australian hotel acquisition this year following its Holiday Inn, Perth purchase in April, also through CBRE Hotels.

Opened in March 2016, the 367-room ibis Styles Hotel is located at 40 Elizabeth Street in the Brisbane CBD, approximately 250m from Queen Street Mall.

Andrew Nehme, Action Hotels’ Australian Director, said; “The sale of ibis Styles Hotel Brisbane underpins the strategy of Action hotels to successfully develop hotels and exit at appropriate times to reinvest into our global hotel pipeline.”

Worldwide Hotels currently owns and manages six hotel brands in Singapore, namely Hotel Boss, V Hotel, Hotel Mi, Value Hotel, Venue Hotel and Hotel 81.

Recognised as Singapore’s leading tourist-class hotel group, Worldwide Hotels controls 43 hotels across Asia Pacific and over 8,000 rooms.

Carolyn Choo, Managing Director of Worldwide Hotels, said; “It is the intention of the group to expand worldwide, in line with the next phase of its long-term plans. Worldwide Hotels strives to be a significant player in the global hospitality scene.”

CBRE Hotels’ Mr Bunz said the low Australian dollar coupled with strong tourism growth had helped to fuel offshore buyer demand for hotel investments nationwide – with Brisbane viewed as a counter cyclical investment opportunity.

“The smart money is actively seeking opportunities in Brisbane, where hotels are being acquired below replacement value,” Mr Bunz said.

“Investors willing to take a leap of faith into the counter-cyclical market of Brisbane are truly ahead of the curve.”

Factoring in the ibis Styles sale, more than $200 million in offshore capital has been invested in Brisbane hotel acquisitions in the past 12 months via German, Hong Kong and Singaporean investors.

Recent major sales include the Emporium Hotel Fortitude Valley to Ovolo and the Ibis and Mercure Brisbane hotels to Commerz Real, all brokered by CBRE.

“There is pent up buyer demand from investors seeking opportunities in Brisbane, however our greatest challenge is finding stock,” Mr Bunz said.

He noted that Brisbane was set to benefit from the development of ~$30 billion in major projects including the Queen's Wharf Casino & Entertainment Precinct, a second airport runway, international mega cruise ship terminal, Brisbane Live Entertainment Centre, rail and road projects and major new commercial precincts.

See also:

Westin Brisbane hotel opening 8 November 2018

'The Wickham' Hotel Brisbane Fortitude Valley sold off market for $14m

Brisbane Spring Hill 'International Hotel' development site for sale

Don Pancho Beach Resort for sale in Bargara Central Queensland CBRE Hotels

Damian Griffiths' Limes Hotel sold in Brisbane's Fortitude Valley