A four-star boutique hotel in Brisbane’s central suburb of Spring Hill has hit the market with price expectations of $20 million.
The Park Hotel, located at 551 Wickham Terrace, is situated within a mixed-use zone, and holds future development potential, with the ability to increase the current building height of seven storeys to 15, subject to council approval.
The hotel, managed by Rydges, resides on a large 2,369sq m freehold corner site, featuring 94 guest rooms, restaurant, bar, conference, and swimming pool facilities.
The Park Hotel located at 551 Wickham Terrace is being listed by Max Cooper and Tim Packman of Savills.
“The Park Hotel offers an excellent opportunity for investors to take advantage of Brisbane’s growing tourism market and hotel demand by acquiring a quality hotel with extensive opportunities to add value through its operations or from further development,” Cooper said.
A resurgence in developer and investor interest in the city and fringe areas, with over $15 billion of infrastructure and major development projects in Brisbane now committed and under way.
The Park Hotel is being presented to market with vacant possession, with the existing event hospitality management structure in place, or subject to a two-year vendor leaseback.
“The opportunity to purchase the Hotel is being offered with a number of management options, giving flexibility to buyers,” Savills executive of capital transactions Tim Packman said.
Boutique hotel offerings are the hot topic at the minute, representing 20 per cent of the current hotel pipeline, as hoteliers respond to a changing lodging environment with an increased level of competition between sharing platforms, independents and rival hotel chains.
New hotel developments are now being designed to complement the local landscape, with street art, edgy design and a focus on local produce on restaurant, bar and function menus.
The changes emphasise trends such as localism, individualism, art and sustainability, and come at a time when the Australia hotel sector is undergoing its largest-ever expansion.