CBRE Hotels agents Wayne Bunz and Hayley Manvell negotiated the off-market sale on behalf of Well Smart amid strong ongoing interest in Brisbane hotel investment opportunities.
BRISBANE – Singaporean group Well Smart Investment Holdings has sold the Mantra Terrace Hotel in Brisbane to a Sydney-based consortium consisting of Eduard Litver of Capitel Group, Paul Fischmann of 8Hotels and investor Jonathan Hasson.
CBRE Hotels agents Wayne Bunz and Hayley Manvell negotiated the off-market sale on behalf of Well Smart amid strong ongoing interest in Brisbane hotel investment opportunities. It’s a full circle move for 8Hotels founder and CEO Paul Fischmann, who sold the hotel to Well Smart in 2013 when Brisbane was starting its new supply cycle. “Reacquiring the hotel is an exciting move which signals our confidence in the future of the Brisbane hotel market,” Mr Fischmann said.
The asset reopened in April of this year after a multi-million dollar renovation across its guestrooms, public spaces, and restaurant and bar, and will continue to be managed by Accor Hotels under the Mantra brand.
CBRE Hotels’ National Director Wayne Bunz noted, “The acquisition demonstrates the positive outlook Sydney and Melbourne based investors have of the Queensland economy and Brisbane as an investment destination underpinned by a range of factors, including strong net migration, unprecedented infrastructure investment and the forecast impact of the 2032 Brisbane Olympic Games.” The Mantra transaction follows the sales by CBRE Hotels of Oakwood Hotel Brisbane to Oscars Hotel Group and the Vincent Hotel (formerly the Fantauzzo Brisbane) by Crystalbrook Collection. It coincides with ongoing population growth in Queensland, which has led the country in relation to interstate migration over the past five years.
This existing trend accelerated during the COVID-19 pandemic, with approximately 30,000 people arriving in the state permanently in 2021. Mr Bunz noted that confidence in the Brisbane market has been further underpinned by the major government-led infrastructure projects being rolled out over the next decade, which would create thousands of jobs and have a significantly positive long-term impact on the local economy “The 2032 Brisbane Olympic Games is also set to have a remarkably positive impact on the Brisbane economy and provide a significant boost to the tourism and accommodation sectors, with international travellers into Brisbane expected to be approximately double pre-COVID levels by 2032 as a direct result of the games.”
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
