QHA-Review_April_Digital

NEWS
QUEENSLAND HOTELS ASSOCIATION
RTO 30826
This was clearly demonstrated in the recent sale of
Mercure Kawana Waters – an 81-key hotel on the
Sunshine Coast, which Gareth sold. The previous
sale of this hotel was in 2019, which took around a
year to complete. Fast forward four years, and the
hotel sold at a 57% uplift to the previous sale and
settled 77 days after the close of the expressions
of interest process, with huge buyer depth for the
asset.
Gareth said this sale process is an excellent
reflection of the substantial change in market
dynamics for hotel investment in South East
Queensland.
“The uplift in value almost mirrors the improvement
in RevPAR for the region, and the buyer pool depth
– coupled with the sophistication of the buyers who
participated in the process – says a lot,” he said.
As the state’s capital and future Olympic city,
Brisbane has been the standout performer as
we move into the “golden decade”. The highly
anticipated delivery of the Queens Wharf project,
currently scheduled for August this year, will only add
to the growing list of reasons to visit the region, and
will undoubtedly increase its presence on the world
stage. Brisbane is fast becoming a standout leisure
destination as it matures into a truly global city.
While there are obvious challenges ahead for hotel
performance and investment, with softening macroeconomic
conditions and hotel performance set to
stabilise over the next 12 to 18 months, Queensland,
and particularly South East Queensland, look set
to enjoy the time ahead in the lead up to the 2032
Brisbane Olympics.
Gareth said continued hotel performance
improvement seems highly likely as international
inbound arrivals increase and new hotel room supply
remains benign – all before the ‘Olympic effect’ kicks
in to accelerate growth in the sector.
“The Queensland hotel market currently presents an
opportunity for existing owners to divest at what are
historically high levels, while buyers can get in and
enjoy potential future growth in the market.
“There is a compelling ‘why’ for each side of the
equation, which will make for extremely interesting
market conditions ahead,” he said.
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APRIL 2024
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