China-backed developer set to offload Quest Maribyrnong
A 78-room Quest Hotel in Melbourne’s west is expected to fetch above $20 million once it is offloaded by developer Orion International Group.
China-backed Orion International has put the newly developed hotel, leased to the prolific Quest hotel brand on a 15-year term with four further five-year options, on the market through Colliers International and Quinn Reynolds Property.
The property is part of the mixed use Quest Maribyrnong development completed last year with 78 keys and 142 residential units.
Strong inbound tourism has prompted high occupancy rates and heightened investment activity in Australia’s hotel sector.
Elanor Investors Group said Tuesday it has added to its growing hotel portfolio, snapping up two South Australian hotels in major wine-growing regions.
Elanor acquired the Clare Country Club and the Barossa Weintal Hotel for $14.45 million for its Elanor Metro and Prime Regional Hotel Fund.
The fund holds a diversified portfolio of 11 hotels with 888 rooms, valued at more than $191 million.
Both assets had strong potential to “capital uplift opportunities,” the group said.
The properties were managed by 1834 Hotels, a specialist metropolitan and regional hotel operator.
“The hotels benefit from a strong corporate clientele and the growing tourism market in the South Australian wine country region,” Elanor’s head of hotels, tourism and leisure Marianne Ossovani said.