Singaporean group Well Smart Investment Holdings has sold the Mantra Terrace Hotel in Brisbane for a speculated c$16 million. 

A Sydney-based consortium consisting of Eduard Litver of Capitel Group, Paul Fischmann of 8Hotels and investor Jonathan Hasson bought the property. 

The asset reopened in April this year following a multi-million dollar renovation, and will continue to be managed by Accor Hotels under the Mantra brand.  

The deal will see the hotel return to 8Hotels founder and CEO Paul Fischmann, who sold the hotel to Well Smart in 2013 when Brisbane was starting its new supply cycle. 

“Reacquiring the hotel is an exciting move which signals our confidence in the future of the Brisbane hotel market,” Fischmann said.  

CBRE Hotels agents Wayne Bunz and Hayley Manvell negotiated the off-market sale on behalf of the vendor. 

“The acquisition demonstrates the positive outlook Sydney and Melbourne based investors have of the Queensland economy and Brisbane as an investment destination underpinned by a range of factors, including strong net migration, unprecedented infrastructure investment and the forecast impact of the 2032 Brisbane Olympic Games,” Bunz said. 

The deal coincides with ongoing population growth in Queensland, which has led the country in relation to interstate migration over the past five years.  

CBRE said the trend accelerated during the COVID-19 pandemic, with approximately 30,000 people arriving in the state permanently in 2021.   

Bunz said that confidence in the Brisbane market has been further underpinned by the major government-led infrastructure projects being rolled out over the next decade, which would create thousands of jobs and have a significantly positive long-term impact on the local economy. 

“The 2032 Brisbane Olympic Games is also set to have a remarkably positive impact on the Brisbane economy and provide a significant boost to the tourism and accommodation sectors, with international travellers into Brisbane expected to be approximately double pre-COVID levels by 2032 as a direct result of the games,” he said.