Brisbane's Emporium Hotel sold in $40m deal

Brisbane, 11 January 2018 – Voted one of Australia's top hotels, the Emporium Hotel in Brisbane's Fortitude Valley has traded hands for about AU$40 million to Hong Kong-based boutique hotel chain Ovolo Hotels.

Ovolo Hotels, the boutique hotel brand behind two of Australia’s top five hotels has doubled its Brisbane portfolio with the acquisition of Emporium Hotel in the lively inner city hotspot, Fortitude Valley. As the award-winning hotel group’s second Brisbane addition in just 12 months, the move marks another milestone for the rapidly expanding Ovolo brand, increasing its number of rooms on offer in the Queensland capital to more than 150.

As a group aimed at speaking to the ever-changing needs of the modern traveller through sleek interior designs, detail-driven comforts and an all-inclusive service, the addition of the Ovolo signature to Fortitude Valley continues to build on the area’s vibrancy and style. Here the hotel will be neighbour to several of Brisbane’s top retail and dining destinations, including top five TripAdvisor Brisbane restaurant, Tartufo, and one of the city’s most renowned live music venue’s, The Triffid.

CEO and Chairman of the Ovolo Group, Girish Jhunjhnuwala said: “The Emporium Hotel in Brisbane was an obvious choice for the brand given its incredible success to date, its boutique nature and appealing location in the Fortitude Valley retail and dining precinct. We are excited to take this fantastic property to the next level with Ovolo’s signature luxury design interiors and all-inclusive hospitality concept.”

Emporium Hotel founder and Managing Director, Tony John, of the Anthony John Group said; “For the past 10 years, the Emporium Hotel team has dedicated itself to providing an award winning, highly personalised, boutique hotel experience. However, we’ve decided the time is right to sell our Fortitude Valley property, allowing the team time to focus on the 2018 opening of our luxury boutique Southpoint Emporium Hotel.”

National Director of CBRE Hotels, Wayne Bunz noted this off-market transaction is a very positive sign for the market.

“The sale highlights investors growing interest in the Brisbane hotel market. CBRE continue to field investor demand for investment opportunities, with the Emporium Hotel sale negotiated in a record time of just four weeks.”

Ovolo’s newest acquisition, fronted by Ovolo Hotels Australia COO, Dave Baswal and Acquisitions and Development Director, Raphael Antonini, emphasise a belief within the industry that Brisbane is a market with significant growth potential, with a number of large-scale infrastructure projects set to boost the number of visitors to the city. Expansion plans for Brisbane Airport, along with a new International Cruise Terminal and the redevelopment of the Queens Wharf precinct all point towards an increase in Brisbane-bound tourists, both domestic and international.

Chief Operating Officer at Ovolo Hotels Australia, Dave Baswal said: “We strongly believe in the strength and growth of key CBD markets and this second acquisition further demonstrates our commitment to the Brisbane market.”

Settlement of Ovolo’s acquisition of Emporium Hotel is set to be finalised in April.