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Oscars Hotel Group Acquires Brisbane Hotel for AUD50 Million

Tuesday, September 14, 2021, 10:04 Hrs  [IST]
HBI Staff | Hyderabad

Australia-based hospitality group, Oscars Hotel Group (“Oscars”), owned by brothers Bill and Mario Gravanis, has announced an AUD50 million acquisition of the Oakwood Hotel and Apartments in Brisbane. The site has been offloaded by Singapore-based Mapletree Investments, which purchased it in 2015 for AUD48 million. Located at 15 Ivory Lane, the property consists of 162 keys across eleven floors, a bistro, a business centre, a gym, and a swimming pool. 

The property currently occupies a corner site area of 2,966-square-metre. Oscars is expected to perform a major revamp on the property to further leverage on its prime location within the popular riverside precinct. In addition, industry experts predict that the flow of capital towards Queensland would continue to grow, in anticipation of the 2032 Brisbane Olympics. This news follows Oscars’ AUD20 million acquisitions of the Long Island in Whitsundays in May 2021, of which, the company has planned to redevelop the property into an upscale resort. To date, Oscars owns over 30 hospitality venues across New South Wales and is expected to continue expanding its market presence in Queensland.

 
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