The sale, negotiated by Mike Batchelor, executive vice president of Jones Lang LaSalle Hotels, is the fourth hotel to be sold in Queensland this year. "This is in contrast to the previous year, when only one major hotel sale was achieved," says Batchelor. "Clearly, investors are keen to take advantage of the recovery of Queensland's major hotel markets." He adds that another two to three more Queensland sales are expected to be closed by year's end.
"Interestingly, domestic Australian buyers have dominated the hotel investment market in Queensland. This is in contrast to the flurry of investment activity by Asian investors recently seen in New South Wales," said Mr Batchelor.
Speaking to GlobeSt.com, JLL officials declined to reveal details of the Clarion transaction, including the sale price.
View Hotels has a long term-vision for the Clarion Hotel Powerhouse with a major redevelopment planned in the next few years, and possibly a name change, to bring the property under the View Hotels banner.
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