04 Nov 2019
Words The Courier Mail
Rare Inner-city gem on the market
One of Brisbane's rare independently owned inner city hotels in the heart of a renown sporting, medical and lifestyle precinct is on the market.
The four-storey Hotel Chino at Woolloongabba is being sold through ResortBrokers' Nathan Eades and Trudy Crooks with an asking price of $8.78 million.
Just 4km from the Brisbane CBD, the 66-unit boutique hotel has repeat corporate and leisure guests which drives a high occupancy rate of 68.4 percent.
Mr Eades said freehold hotels near the Brisbane CBD were extremely rare. "Without a doubt, this is as close to a recession-proof business as you can get in a tough and competitive marketplace," he said.
The sale includes the hotel business, which operates under a management rights structure, with long term agreements along with the freehold purchase of 38 studio units in one line which will give the new operator a strong representation on the body corporate. The business is showing a net profit of more than $900,000.