Brookfield Asset Management has added a A$90m (鈧�54.6m) Brisbane hotel to its Australian real estate portfolio.
Brookfield has acquired the 146-room Hotel X Brisbane Fortitude Valley, completed in 2021, marking its first luxury hotel investment in Brisbane鈥檚 Fortitude Valley.
Ruban Kaneshamoorthy, Brookfield co-head of Australia Real Estate, said: 鈥淗ospitality is a growing focus for us in Australia and across the Asia Pacific, driven by growing international and domestic tourism numbers and reduced supply given increased borrowing and construction costs.鈥�
Kanesharmoorthy said Brookfield was actively looking at other hospitality opportunities around Australia as it seek to grow its hospitality platform.
Wayne Bunz, Hotels鈥� national director, who handled the with his team, said: 鈥淭he sale of Hotel X represents a landmark transaction in the Brisbane hotel market, building upon on a string of high-profile hotel sales and reinforcing Brisbane City鈥檚 position as a hotspot for hotel investment.鈥�
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