Serene Capital Acquires Quest Springfield Central for AUD26.7 Million in Queensland, Australia
Australia-based fund management company, Serene Capital, has acquired the 82-key Quest Springfield Central in Queensland, Australia from UK-based real estate investment manager, 90 North Real Estate Partners LLP, (“90 North”) and Saudi Arabia-based investment firm, Sidra Capital, for AUD26.7 million, reflecting AUD325,600K per key and a yield of approximately 7.65%. 90 North and Sidra Capital has acquired the building for AUD24.3 million from Australia-based Springfield City Group Pty Limited in 2018. Completed in 2018, the modern 4-star apartment hotel sits on a 2,795 square metres (“sqm”) site with a gross floor area of 6,633sqm across six levels. The hotel features three commercial tenancies, conference facilities, a gym and a laundrette. The asset is underpinned by a long-term lease with Australia-based Quest Serviced Apartments Pty Ltd extending to 2043, incorporating fixed annual rental increases. Situated within Springfield’s commercial and health precinct, the property is approximately 35 minutes’ drive from Brisbane CBD.
UOL Divests Parkroyal Saigon in Ho Chi Minh City
Singapore-based property developer, UOL Group Limited (“UOL”), who owns the hotel brands Pan Pacific, Parkroyal Collection and Parkroyal under their Pan Pacific Hotels Group Limited (“PPHG”) hotel subsidiary, has divested the Parkroyal Saigon for an undisclosed sum. Originally built in 1997 and rebranded from the Novotel Garden Plaza Saigon in 2008, the property underwent renovations in 2011. The nine-storey hotel comprises 182 guest rooms and features amenities including two food and beverage outlets, a fitness centre, spa, and an outdoor swimming pool. Its meeting facilities span approximately 984 square metres (“sqm”) across eight rooms, with the largest accommodating up to 300 guests. Designated as an airport hotel, the property is strategically located just a five-minute drive from Tan Son Nhat International Airport and about 10 minutes from Ho Chi Minh City’s central business district. While the buyer has not been officially disclosed, the hotel is now operating under the name Garden Plaza Saigon, a party believed to be related to Vietnam-based TCG LAND Co., Ltd.
Travel + Leisure Co. Acquires Hotel Bellinzona in Hepburn Springs, Australia
US-based Travel + Leisure Co. has acquired the historic Hotel Bellinzona in Hepburn Springs, Victoria’s renowned Daylesford wellness region, from Australia-based The Houses Hotel Group at an undisclosed sum. The 43-key property, established in 1903 and extensively refurbished in 2020, was marketed with price expectations of around AUD16 million. It features the 160-seat Virgin Kitchen restaurant, a 40-seat lobby bar, six conference rooms, two private dining rooms accommodating up to 650 guests, as well as leisure amenities including a heated indoor pool, spa and sauna. Following the acquisition, the property will be renamed Club Wyndham Bellinzona Hepburn Springs, Daylesford, becoming the 68th resort in the Club Wyndham South Pacific portfolio.
Comiskey Group to Develop AUD180 Million Tourism Precinct in North Lakes, City of Moreton Bay, Queensland, Australia
Australia-based Comiskey Group, an integrated entertainment, hospitality, and construction business, has been awarded the tender by the City of Moreton Bay to deliver a landmark five-star resort hotel and mixed-use accommodation precinct in North Lakes, a suburb in the City of Moreton Bay, Queensland. Valued at AUD180 million, the project represents one of the region’s most significant tourism infrastructure investments to date. The development will span a 1.72-hectare site directly opposite Westfield North Lakes shopping centre. It will be anchored by a 130-key luxury resort hotel featuring a lagoon-style pool and will include a 2,500-square metre (“sqm”) event venue with capacity for up to 800 guests. The broader precinct will also feature premium restaurants, wellness facilities, boutique retail offerings, and landscaped public spaces designed to enhance community engagement and visitor experience. Construction is expected to commence in 2026, subject to planning and design approvals. The project is forecasted to contribute approximately AUD538 million to the local economy within its first five years and is projected to create around 883 jobs across construction and ongoing operations. The development aligns with broader regional growth initiatives, particularly in the lead-up to Brisbane’s hosting of the 2032 Olympic and Paralympic Games.
About HVS
HVS, the world’s leading consulting and services organization focused on the hotel, mixed-use, shared ownership, gaming, and leisure industries, was established in 1980. The company performs 4,500+ assignments each year for hotel and real estate owners, operators, investors, banks and developers worldwide. HVS principals are regarded as the leading experts in their respective regions of the globe. Through a network of some 60 offices and more than 300 professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. hvs.com.
