Singapore-based real estate investment firm Invictus Developments ('ID') has acquired The Quest Woolloongabba in Brisbane for AUD 43.8 million from Australia-based Pellicano Group. The property includes 132 keys and four ground-floor retail tenancies, with a strong 12-year weighted average lease expiry, boosted by a lease to Quest. The hotel is located near The Gabba, one of the main venues for the 2032 Brisbane Olympics. The sale was an off-market transaction, and Sam McVay, McVay Real Estate, who negotiated the deal, said that Australian hotel investment volumes topped AUD2 billion dollars in the past year with a record level of buyer demand.

Belluna to Acquire Two Hotels from Karakami Hotels & Resorts

Japan-based retail company, Belluna, has purchased two hotels in Hokkaido, Japan from Japan-based Karakami Hotels & Resorts ('KHR'). The hotels are Toya Sun Palace Resort & Spa and The Lake Suite Ko-No-Sumika, both located on Lake Toya, and have a total of 404 rooms. The sale price was not disclosed, and KHR will continue to operate the hotels. KHR also sold a third hotel, New Akan Hotel on Lake Akan, to a private buyer. The sale contracts were signed on March 8 and delivery took place on March 31. KHR's strategy is to shift its focus to smaller high-priced hotels and has previously sold a 600-room hotel to Belluna in 2021. KHR still owns four hotels in Miyagi and Wakayama prefectures.

Vision Hotels Has Acquired Marco Polo Best Western Mackay

Australia-based Vision Hotels has acquired The Marco Polo Best Western Mackay ('MPBWM') in Mackay, Australia at a 56% premium compared to its last sale price 18 months ago. The 38-key MPBWM is located just off the major motorway Bruce Highway. The property consists of a restaurant, fitness centre, pool, sauna and spa. The property also underwent recent refurbishments to its guest rooms. Most of its guests stem from corporate due to the nature of the Mackay market.

Well Smart Group Has Acquired Australia's Lindeman Island for AUD10 Million

Singapore-based Well Smart Group ('WSG') has acquired Lindeman Island, part of Australia's iconic Great Barrier Reef Islands, for AUD10 million, which reportedly is 50% less than the previous listed asking price. The 136-hectare property was formerly the 218-key Club Med site and was bought by China-based White Horse Group for AUD12 million in 2012 and has been vacant since then. WSG plans to restore and upgrade it as a high-quality, environmentally conscious, and family-friendly resort. The deal is subject to the approval of the lease transfer and the Foreign Investment Review Board. WSG's acquisition of Lindeman Island follows a wave of high-net-worth local family money buying up island resorts and retreats off the Queensland coast over the past 18 months. This includes Dunk Island and Lizard Island, among others.

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