Brisbane's Mantra tunes into demand

THE Mantra hotel in South Bank, Brisbane is being offered for sale for the first time.

Built just two years ago, the 4.5 star 161-room hotel is one of Brisbane’s newest properties.

Jones Lang LaSalle Hotels has been appointed as exclusive agents for the sale of this substantial asset.

JLL Hotels’ associate Peter Harper said in addition to the hotel, there is a restaurant, bar, two meeting rooms, gymnasium and a feature swimming pool with a glass end that overlooks the street below.

JLL Hotels’ senior vice president Wayne Bunz said the hotel is very popular with both the corporate and leisure markets.

“Mantra South Bank is just moments from the Brisbane Convention and Exhibition Centre, GoMA, Queensland Performing Arts Complex and an increasing number of commercial office buildings,” he added.

The strata titled property is leased to Stella Hospitality Group for a 15 year initial term with attractive rental reversion provisions.

Bunz said Brisbane is the most tightly held hotel market in Australia.

“We believe the asset will receive significant interest from both experienced and non traditional hotel investors.

“The property also offers sell down potential in the future,” he added.

According to JLL Hotels, segment analysis in Brisbane shows that 5-star hotels are driving the strong market performance.

“Brisbane hotels recorded double-digit RevPAR growth during 2007 – higher than the lower-tier segments,” Harper concluded.

Expressions of Interest for Mantra South Bank close June 18 2008, if not sold prior.

Australian Property Journal