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JLL Sells Clarion Powerhouse to View Hotels

BRISBANE, AUSTRALIA-View Hotels acquires its first Queensland hotel property with its purchase of the Clarion Hotel Powerhouse from Jones Lang LaSalle Hotels. It's the fourth Queensland hotel to be sold this year.

By Glen Thompson | Updated on December 13, 2002

BRISBANE, AUSTRALIA-Hotel management group View Hotels Pty Ltd. has purchased the 90-key Clarion Hotel Powerhouse here from Jones Lang LaSalle Hotels for an unnamed price. Formerly the Powerhouse Boutique Hotel, the purchase marks the first Queensland hotel to be added to View Hotels’ portfolio.

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.

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