Jones Lang LaSalle Hotels & Power Jeffrey& Co Hotel Brokers to sell Exchange Hotel and GPO Hotels
Landmark Brisbane hospitality assets, the Exchange Hotel and The GPO Hotel are being offered for sale by conjunctional agents Jones Lang LaSalle Hotels and Power Jeffrey & Co Hotel Brokers on behalf of Receivers and Managers BDO.
Situated on a strategic corner site in the middle of Brisbane’s CBD, the Exchange Hotel underwent a major renovation in 2009 and now features a prime roof top terrace beer garden, multiple function areas, a nightclub, restaurant and 35 poker machines.
The GPO Hotel is a beautifully restored Heritage listed building and features a stylish nightclub, party and function venue. It is situated in the heart of “The Valley” entertainment precinct on Ann Street. The hotel has potential for upscale with potential for a new wine bar or second function area.
Jones Lang LaSalle Hotels’ Pubs Investment Manager Paul Fraser said, “These two assets are very different from one another and will command different price points in the market. When these assets hit the market they will appeal to a broad range of operators keen to get a hold of a high profile business.” Power Jeffrey & Co Director Peter Power added, “These assets are both seen as being in a small group of Brisbane’s hottest night spots with established, proven high cash flows. As such we are expecting a high level of enquiries.”
Both assets are being offered for sale with long leases (August 2019) with 4×10 year options and are available for sale individually or in-one-line.
The Exchange Hotel and The GPO Hotel are being offered for sale by Expressions of Interest closing 18 November 2010.
For further information please contact Paul Fraser (0401 100 350 / paul.fraser@ap.jll.com) or Peter Power (0419 662 677 / (peter@powerjeffrey.com.au).