Ibis Styles Brisbane sold to wealthy Singaporean group

Brisbane, 1 November 2018 –  CBRE Hotels is pleased to announce the sale of the Ibis Styles Brisbane to one of Singapore’s wealthiest private groups, Legend Land Brisbane Pty Ltd, a subsidiary of Worldwide Hotels.

CBRE Hotels’ National Director Wayne Bunz brokered the off-market deal on behalf of Action Hotels. The sale price was undisclosed.

It is the group’s second Australian hotel acquisition this year following its Holiday Inn Perth purchase in April, also through CBRE Hotels.

Opened in March 2016, the Ibis Styles Hotel Brisbane is a 367-room hotel. It is located at 40 Elizabeth Street in the Brisbane CBD, approximately 250m from Queen Street Mall.

Andrew Nehme, Action Hotels Director in Australia said, “The sale of Ibis Styles Hotel Brisbane underpins the strategy of Action hotels to successfully develop hotels and exit at appropriate times to reinvest into our global hotel pipeline."

“The smart money is actively seeking opportunities in Brisbane, where hotels are being acquired below replacement value,” Mr Bunz said.

“Investors willing to take a leap of faith into the counter-cyclical market of Brisbane are truly ahead of the curve."

Mr Bunz added that the low Australian dollar coupled with strong tourism growth had helped fuel offshore buyer demand for hotel investment opportunities nationwide.

Worldwide Hotels currently owns and manages six hotel brands in Singapore, namely Hotel Boss, V Hotel, Hotel Mi, Value Hotel, Venue Hotel and Hotel 81.

Recognised as Singapore’s leading tourist-class hotel group, Worldwide Hotels controls 43 hotels across Asia Pacific and over 8,000 rooms.

Carolyn Choo, Managing Director of Worldwide Hotels said, “It is the intention of the group to expand worldwide, in line with the next phase of its long-term plans. Worldwide Hotels strives to be a significant player in the global hospitality scene.”

Factoring in the Ibis Styles sale, more than $200 million in offshore capital has been invested in Brisbane hotel acquisitions in the past 12 months via Germany, Hong Kong and Singapore.

Recent major sales include the Emporium Hotel Fortitude Valley to Ovolo and the Ibis and Mercure Brisbane hotels to Commerz Real, all brokered by CBRE.

“There is pent up buyer demand from investors seeking opportunities in Brisbane, however our greatest challenge is finding stock,” Mr Bunz said.

He noted that Brisbane was set to benefit from the development of ~$30 billion in major projects including the Queen's Wharf Casino & Entertainment Precinct, a second airport runway, international mega cruise ship terminal, Brisbane Live Entertainment Centre, rail and road projects and major new commercial precincts.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.