JLL Sells Hamilton Motor Inn - Brisbane
Brisbane, 10 June 2022 – The Hamilton Motor Inn has been sold by JLL Hotel & Hospitality Group in conjunction with the JLL Investment Sales team on behalf of long term family owners. Represented by Gareth Closter & Tom Gleeson, Senior Vice Presidents of JLL Hotels & Hospitality Group & JLL Director of Metropolitan Sales & Investments Queensland, Tim Jones, the sale sets a new benchmark for accommodation assets in Brisbane.
“The expressions of interest campaign closed with 11 competitive bids and the top three being on cash, unconditional terms. There was a mix of buyer groups including accommodation operators, private investors, developers and groups looking to re-position the asset.”
A major player in Brisbane’s early tourism boom and long-time flagship of the inner north, the property is ideally positioned with uninterrupted river and city skyline views. The five-level building includes 22 rooms, a care taker’s unit, function space and restaurant, rear courtyard, roof top terrace and reception with generous on grade parking.
“This sale is a great example of multiple divisions within JLL adding value to the sale process and ultimately achieving the best possible result for our vendor. Our hotels, pubs, metropolitan & investment sales teams all had potential buyers for the asset and we worked together and created an extremely competitive environment for the sale process” Mr Closter said.
The result reflects a per key rate of over $272,000 which sets a new benchmark for budget accommodation facilities in the Brisbane market.
JLL Hotel’s Tom Gleeson said, “While factors such as road upgrades and COVID disruptions has effected the Kingsford Smith Drive hospitality sector, the market responded robustly to the campaign and the result provides quantitative evidence of real green shoots for the surrounding precinct.” Mr Gleeson said.
