24 June 2021
David Marriott, Partner, said “We are delighted to have settled this off-market opportunistic acquisition of a high-quality boutique hotel in Brisbane’s Fortitude Valley. We are also very excited to partner with one of Australia’s most established and successful operators (Event Hospitality & Entertainment - EVENT) and will be relaunching the hotel as - Kennigo Hotel Brisbane – due to open at the end of July 2021.
“EVENT’s new brand designed exclusively for independently branded hotels in Australia and New Zealand; Independent Collection by EVENT (www.independentcollection.com.au) is a perfect fit as it will allow the hotel to retain its own brand and also fully express its uniqueness - including a historic Queenslander house which will be developed into a distinctive F&B and events venue.”
“As travel resumes, we expect the hotel to benefit from a strong rebound led by Brisbane’s corporate demand and growing leisure market, supported by large-scale infrastructure projects such as the new runway, Queen’s Wharf Precinct and hopefully the 2032 Olympic Games. In addition, we are very encouraged by the limited hotel construction pipeline, which is expected to bode well for the sector over the medium term.”
“Our long-standing relationships, liquidity and ability to execute swiftly, provided us the opportunity to purchase this hotel at a discount to valuation and replacement cost. The hotel represents our first acquisition in Australia and we look forward to making a number of other announcements in the coming months”.