Sydney’s hospitality kings, Bill and Mario Gravanis, have struck a $50 million deal to buy the Oakwood apartment hotel in Brisbane from Singapore real estate giant, Mapletree Investments, The Australian Financial Review reports.
The acquisition of the 11-storey building – overlooking the Brisbane River and perched at the entrance to the city’s Storey Bridge – follows the Gravanis brothers buying Long Island in the Whitsunday’s in May for about $20 million, with plans to redevelop the resort.
Oakwood Hotel & Apartments Brisbane at 15 Ivory Lane offers 162 serviced units as well as amenities such as a gymnasium, business centre, restaurant, and swimming pool.
It will add to an already substantial portfolio of accommodation assets owned by the Gravanis brothers including Novotel hotels in Sydney and Wollongong, alongside one of NSW’s biggest pub portfolios.
Source: The Australian Financial Review.
