UAE giant buys Brisbane hotel for $70M
The United Arab Emirate’s Ghassan Aboud Group has announced the acquisition of Brisbane’s Vincent Hotel for $70 Million (AED257 million).
The six-storey hotel has 166 rooms and a suite, a rooftop pool, 24 hour fitness centre, the Fuime rooftop and the Polpetta restaurant. It also boasts a collection of over 500 paintings by award winning artist Vincent Fantauzzo.
Fantuzzo is a big fan of Ghassan Aboud’s commitment to sustainability.
"I love what Crystalbrook Collection is doing with sustainability," Fantauzzo said.
"This is something very important to me personally - it opens the door for exciting new collaborations which I hope will enhance guest’s experience and inspire creativity."
The hotel has 100% waste-free bathrooms, utilising only products that are reusable, recyclable or biodegradable.
The hotel’s carbon footprint is also minimised by sourcing 80% of all produce within a three hour radius of the hotel. They also offer paperless check in and check out as well as in room tablet control centres.
The purchase of the Vincent Hotel has made the group Australia’s largest independent owner of five-star hotels and resorts and adds to its Crystalbrook Collection – a subsidiary company of Ghassan Aboud Group, which was founded as a hospitality management entity in 2016.
“The acquisition of Vincent Hotel in Australia underlines the financial strength of our organisation, driven by the enabling environment offered by the UAE where we are headquartered. This is one of the largest transactions we have conducted in the hospitality sector," Group Founder Ghassan Aboud said.
Ghassan Aboud’s hospitality and real estate investments in strategic locations in Australia are currently valued at $1 billion and all are managed by Crystalbrook Collection.
Irit Jackson, 19th July 2021
