Syrian billionaire buys Fantauzzo hotel at Howard Smith Wharves for $70m
Syrian billionaire Ghassan Aboud has bought one of Brisbane‘s most popular hotels for about $70m in a sign the smart money may be banking on a tourism recovery sooner rather than later.
QLD Business
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Syrian billionaire Ghassan Aboud has spent about $70 million to buy one of Brisbane’s most popular hotels in a sign the smart money may be banking on a tourism recovery sooner rather than later.
Mr Aboud’s hotel chain Crystalbrook Collection has added The Fantauzzo Brisbane to its Australian portfolio that now includes properties in Sydney, Byron Bay, Cairns, Newcastle and Port Douglas. The price tag was between $70 million and $75 million, according to sources.
Located beneath Brisbane’s iconic Story Bridge overlooking the Howard Smith Wharves, the 166-room hotel features an elevated bar along with a rooftop pool, fitness centre and meeting spaces.
CBRE Hotels national director Wayne Bunz said that Queensland, and Brisbane in particular, were the most sought-after hotel investment markets in Australia, with further transactions pending.
“Brisbane owners are well positioned to capitalise on a hotel market recovery given the city’s limited supply pipeline, with only the Queens Wharf and Hotel Indigo projects set to open in the near term,” Mr Bunz said.
Mr Bunz said the Fantauzzo was already recording strong weekend occupancies, underpinned by its location in one of Australia’s most successful entertainment precincts.
“This deal represents the first major Australian hotel sale in 2020 during COVID-19, signalling that investors anticipate a recovery in the hotel sector,” he said.
The hotel, which this year won Queensland’s top award for commercial architecture, celebrates Melbourne photo-realist painter Vincent Fantauzzo, with up to 300 of his works on display throughout the property.
The official handover will occur in the first half of 2021. After that the hotel will trade under Crystalbrook Collection brand with the official new name to be announced in the coming months. Until the acquisition is complete, the hotel will continue trading under the management of Art Series Hotels (ACCOR).