SEP 24, 2020
Ghassan Aboud’s Crystalbrook Collection has acquired Brisbane’s Fantauzzo Art Series Hotel in a deal negotiated by CBRE Hotels’ National Director Wayne Bunz.
One of the first major Australian hotel transactions to occur against the background of COVID-19 has been announced, with the The Fantauzzo Art Series Hotel in Brisbane sold to Ghassan Aboud’s Crystalbrook Collection.
Situated beneath Brisbane’s iconic Story Bridge overlooking the Howard Smith Wharves, the new contemporary hotel features 166 rooms and suites, the renowned Italian Polpetta kitchen and bar, the elevated Fiume bar along with a rooftop pool, fitness centre and meeting spaces.
CBRE Hotels’ National Director Wayne Bunz, who steered the off-market transaction on behalf of the Deague Group, said the sale represented an exciting investment opportunity for Crystalbrook Hotels as it expanded its stable of leisure and corporate hotels across Australia.
At a glance:
- CBRE Hotels has announced the off-market sale of Brisbane’s Fantauzzo Art Series Hotel to Ghassan Aboud’s Crystalbrook Collection.
- The new contemporary hotel features 166 rooms and suites, the renowned Italian Polpetta kitchen and bar, the elevated Fiume bar along with a rooftop pool, fitness centre and meeting spaces.
- CBRE Hotels’ National Director Wayne Bunz, who steered the off-market transaction on behalf of the Deague Group
“The Fantauzzo is already recording strong weekend occupancies, underpinned by its location in one of Australia’s most successful entertainment precincts, Howard Smith Wharves,” he said.
“This deal also signals that investors anticipate a recovery in the hotel sector.”
The acquisition marks Crystalbrook’s entry into the Brisbane market and adds to its operations in Sydney, Byron Bay, Cairns, Newcastle and Port Douglas.
Mr Bunz noted that Queensland, and Brisbane in particular, were currently 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,” he said.
The sale of The Fantauzzo was negotiated on behalf of the Deague Group – a long-standing player in Australia’s hotel sector. The group developed several Quest Serviced Apartments nationally and converted the former PANCH hospital in Melbourne into an 850-plus room hotel before launching the Art Series brand and developing eight boutique properties around Australia.
Deague Group CEO Will Deague said the hotel journey was always a property development play for our group, hence its decision to sell.
“We are pleased to have sold this truly 5-star property to a group that will celebrate the architecture and vibrant precinct of Howard Smith Wharves,” he said
The property, which this year won Queensland’s top award for commercial architecture, celebrates photo-realist painter Vincent Fantauzzo, with up to 300 of his works and digital prints on display throughout the hotel.
The official handover will occur in the first half of 2021.
Source: The Hotel Conversation