Limes Hotel changes hands

George Sell By George Sell
4 weeks ago | Updated 4 weeks ago

Australia: The Limes Hotel in Brisbane's Fortitude Valley has been sold to private investors for a rumoured price of up to $6 million.

The award-winning, Alexander Lotersztain-designed hotel was marketed by CBRE Hotels' Hayley Manvell, Paul Fraser and Wayne Bunz.

Opened in 2008, the four-star boutique hotel has 21 guest rooms and a rooftop bar featuring two plunge pools. The incoming purchasers plan to revamp the hotel with the introduction of new guest services. The hotel was sold after receivers were appointed to former Doughnut Time owner and hospitality entrepreneur Damian Griffiths.

"The investment fundamentals for this asset are truly compelling and, as such, the asset was highly sought after, with the sales campaign attracting approximately 150 enquiries from a range of hospitality owner operators, funds and investors," said Manvell. "The asset also generated interest from several offshore investors, with the phenomenal response reflecting the strong marketing campaign and the high-profile nature of this asset."

Fraser said; "The refresh of the Limes Hotel will provide a boost for Brisbane's Fortitude Valley precinct and we are excited to see the direction the new owners take for this renowned property."

Arnaud Millecamps, of hotel investment advisory firm Prime Square, assisted the purchasers in the acquisition.

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