Brookfield Asset Management has added a A$90m (€54.6m) Brisbane hotel to its Australian real estate portfolio.
Brookfield has acquired the 146-room Hotel X Brisbane Fortitude Valley, completed in 2021, marking its first luxury hotel investment in Brisbane’s Fortitude Valley.
Ruban Kaneshamoorthy, Brookfield co-head of Australia Real Estate, said: “Hospitality is a growing focus for us in Australia and across the Asia Pacific, driven by growing international and domestic tourism numbers and reduced supply given increased borrowing and construction costs.”
Kanesharmoorthy said Brookfield was actively looking at other hospitality opportunities around Australia as it seek to grow its hospitality platform.
Wayne Bunz, CBRE Hotels’ national director, who handled the with his team, said: “The sale of Hotel X represents a landmark transaction in the Brisbane hotel market, building upon on a string of high-profile hotel sales and reinforcing Brisbane City’s position as a hotspot for hotel investment.”
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