One of Singapore’s wealthiest private groups Legend Land Brisbane has snapped up a Brisbane CBD Hotel in an off-market deal.
The 367-room Ibis Styles Hotel, at 40 Elizabeth Street, was brokered through CBRE Hotels.
The move is Legend Land’s second Australian hotel acquisition this year following its Holiday Inn Perth purchase in April, also brokered through CBRE Hotels.
Legend Land is a subsidiary of Singapore’s hotel group Worldwide Hotels, which controls 43 hotels, such as V Hotel, Hotel Boss, and Hotel Mi, across the Asia Pacific with more than 8000 rooms.
CBRE would not confirm the sale price, although industry experts put the sale value around $100 million.
The low Australian dollar combined with strong tourism growth has helped fuel offshore buyer demand for hotel investments across Australia, explained CBRE Hotels’ Wayne Bunz, with Brisbane viewed as a counter-cyclical investment opportunity.