Sydney brothers buy Oakwood Hotel & Apartments Brisbane for $50 million ahead of Olympic rush

Sydney’s Gravanis brothers have bought the Oakwood Hotel & Apartments Brisbane for $50 million from Singapore real estate giant Mapletree Investments, which has been divesting assets ahead of the launch of its flagship Oakwood Premium brand ibn Melbourne in October.

The eleven-storey Oakwood Hotel building at 15 Ivory Lane has 162 serviced units, a gymnasium, business centre, restaurant, and swimming pool.

The acquisition of the Oakwood follows the Sydney hospitality kings almost $20 million purchase in May of Long Island in the Whitsundays which they plan on redeveloping. 

The Oakwood Hotel & Apartments will add to Mario and Bill Gravanis’ substantial portfolio of accommodation assets which include Novotel hotels in Sydney and Wollongong. They also have one of NSW’s largest pub portfolios. 

Brisbane attracts hotel buyers

The past 12 months has seen a steady stream of hotel deals going ahead in Brisbane. 

During the pandemic, Brisbane hotels have had higher occupancy rates than Sydney and Melbourne due to less lockdowns. 

The momentum is expected to continue as works programs begin ahead of the 2032 Olympics that are sure to attract tourists once borders are open.

Investors have been buoyed by Queensland’s successful Olympics bid, with major hospitality projects asset to take shape in Brisbane. This includes the $3.6 billion Queen’s Wharf development due to be completed in 2023. 

Other Brisbane hotel deals done during the pandemic include Mantra Richmont Hotel, Novotel Brisbane and the former Fantauzzo Art series hotel which is now called Crystalbrook Vincent.

Irit Jackson, 9^th September 2021