Breaking NewsGlobeSt.com will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BRISBANE, AUSTRALIA-Hotel management group View Hotels Pty Ltd. has purchased the 90-key Clarion Hotel Powerhouse here from Jones Lang LaSalle Hotels for an unnamed price. Formerly the Powerhouse Boutique Hotel, the purchase marks the first Queensland hotel to be added to View Hotels’ portfolio.

The sale, negotiated by Mike Batchelor, executive vice president of Jones Lang LaSalle Hotels, is the fourth hotel to be sold in Queensland this year. “This is in contrast to the previous year, when only one major hotel sale was achieved,” says Batchelor. “Clearly, investors are keen to take advantage of the recovery of Queensland’s major hotel markets.” He adds that another two to three more Queensland sales are expected to be closed by year’s end.

“Interestingly, domestic Australian buyers have dominated the hotel investment market in Queensland. This is in contrast to the flurry of investment activity by Asian investors recently seen in New South Wales,” said Mr Batchelor.

Speaking to GlobeSt.com, JLL officials declined to reveal details of the Clarion transaction, including the sale price.

View Hotels has a long term-vision for the Clarion Hotel Powerhouse with a major redevelopment planned in the next few years, and possibly a name change, to bring the property under the View Hotels banner.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.