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Mantra Terrace Hotel in Brisbane
A prominent Sydney-based consortium including 8Hotels’ Paul Fischmann, Capit.el Group’s Eduard Litver, and property developer Jonathan Hasson, has on-sold Brisbane’s Mantra Terrace Hotel to the NRL, achieving a 42% uplift on its 2021 purchase price.
The 4-star Spring Hill hotel was sold via a competitive on-market Expressions of Interest (EOI) campaign managed by CBRE Hotels’ Wayne Bunz and Hayley Manvell.
It is the third time the property has been sold through CBRE Hotels.
The property offers 85 guest rooms and suites, complemented by the O Bar & Restaurant and a guest reception area. It occupies a 726sqm freehold site in a premier health and lifestyle precinct surrounded by commercial and tourism demand drivers.
Mr Fischmann was originally involved in the development of the asset, which was formerly known as the Diamant Hotel.
“We wish to thank CBRE Hotels for managing the sale campaign and finding such an astute buyer, which enabled settlement to occur within four weeks of an unconditional exchange,” Mr Fischmann said.
The sale is that latest in a series of high-profile Brisbane hotel transactions facilitated by CBRE Hotels, following the sales of the Ibis Budget Windsor, Pacific Hotel Brisbane, The Inchcolm Hotel by Ovolo, Sofitel Brisbane, Quest Chermside, Oakwood Hotel, and The Fantauzzo.
CBRE Hotels’ National Director Wayne Bunz said, “Brisbane has evolved into a globally recognised destination and is now firmly on the radar of sophisticated investors seeking to capitalise on the city’s growth trajectory.”
“The city is on the brink of a significant transformation with an unprecedented level of infrastructure development underway for the upcoming 2032 Olympic Games, offering investors exceptional long-term growth opportunities.
“The sale of the Mantra Terrace Hotel is a testament to the city’s rapidly growing appeal to investors, especially for assets offered with vacant possession, giving investors the flexibility to reposition properties based on their strategic objectives”.
Ms Manvell added, “The EOI campaign attracted strong interest, with eight offers received from a diverse range of buyers, including hotel investors, co-living operators, backpacker hostel brands, and government organisations. This level of competition highlights Brisbane’s strong fundamentals and the versatility of assets like the Mantra Terrace Hotel in meeting varied market needs.”
