Star Hotels snaps up Kingsford Smith Motel, Brisbane through Savills
Star Hotels has snapped up the Kingsford Smith Motel at 610 Kingsford Smith Drive, Brisbane, for around $6 million from Charlton Hotels.
Kingsford Smith Motel is located in the prestigious suburb of Hamilton and is within close proximity to the Brisbane airport and cruise ships terminal.
The 4 Star motel offers 36 rooms in seven styles, WIFI, Air Conditioning, Cable/Satellite TV, swimming pool and a two bedroom manager’s apartment.
Nic Simarro, Senior Sales Executive for Hotels at Savills who negotiated the off market transaction said due to the lack of hotel stock available in CBD locations, current investors and funds management groups have been very aggressive with pricing in order to deploy capital”
“This is creating a highly competitive market for hotel assets across Australia, proving it really is a “vendors’ market” he continued.
The Kingsford Hotel, Brisbane is also on the market through the Hotels team at Savills and the Kingsford Riverside Inn, Brisbane recently sold $2.5m by the team.
