Port Douglas ‘trophy’ QT resort joins QLD sales list
Another high-profile hotel is on the market in Queensland, but agents deny a glut is developing.
QT Port Douglas is on the market, joining “trophy” properties including Coral Sea Resort, Long Island Resort, Stradbroke Island Beach Hotel and Limes Hotel in inner Brisbane.
QT owner Event Hospitality and Entertainment has also put Rydges Gladstone, on the central Queensland coast, up for sale.
Commercial Insights: Subscribe to receive the latest news and updates
National director of CBRE Hotels, Wayne Bunz, says both hotels are being offered with vacant possession.
“The sale campaign follows a series of high-profile hotel transactions in the region, with CBRE Hotels having recently sold Rydges Esplanade, Rydges Tradewinds and the Novotel Cairns,” Bunz says.
The former Rydges Sabaya reopened as QT Port Douglas in 2012 after a retro transformation. But recent online reviews have criticised its rooms as “tired”, the service as disappointing and some of the furniture mouldy.
Queensland director of CBRE Hotels, Paul Fraser, says it is not unusual to see hotels and resorts on the market in the first half of the year. “I don’t believe there’s a massive glut,” he says.
“We’re getting a lot of international, Asia-specific inquiry on the Coral Sea Resort (at Airlie Beach) that we’re selling.”
Limes Hotel, in Fortitude Valley, has attracted “unprecedented inquiries”. Negotiations are at an advanced stage in relation to Limes and for Stradbroke Island Beach Hotel, and CBRE is making progress with the sale of Coral Sea Resort, he says.
This article originally appeared on www.theaustralian.com.au/property.
