Asian buyers undeterred by flagging hotel market
The chronic lack of hotel guests, and plunging room and occupancy rates, are not deterring Asian investors from pursuing city hotels, judging by recent purchases in Sydney and Brisbane.
The run of sales shows buyers are punting on a longer recovery that will at first be driven by domestic tourism.
The Australian has leant that Asian groups are at the forefront of buying activity, showing interest in two portfolios.
Brisbane’s four-star 296-room Novotel Hotel in inner city Spring Hill has been purchased for about $69m by the owners of the Amora Hotel in Sydney’s Jamison Street.
It is being sold by the listed Singapore hospitality trust CDL, represented by Vincent Yeo.
Raja David of Amora Hotels & Resorts said he was delighted to enter the Brisbane market, in the deal negotiated by JLL Hotels.
– with Lisa Allen
This article originally appeared on www.theaustralian.com.au/property.