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Woolloongabba Corporate Management Rights

$3,790,000

Woolloongabba, Queensland

Woolloongabba Corporate Management Rights

They say location is everything! Hotel Chino is located close to Hospitals and major road networks. Many hospital patients travel on the Patient Travel Subsidy Scheme (PTSS) where their accommodation is subsidized by the Qld Government. Often $120/day of a patient’s accommodation costs are guaranteed by the Government and procedures are in place for quick payment. With this subsidy, country patients generally elect to enjoy the luxuries offered by Hotel Chino over the nearby boarding houses. PTSS guests only pay the difference to Hotel Chino. A specialist medical centre is being built next to Hotel Chino, with 5 floors of private specialists, many of who’s patients will be country people needing nearby accommodation. The attraction for corporates is based on the cross-roads location, on-site secure parking able to accommodate trucks and buses (for group bookings), a sizeable work desk in all rooms and free unlimited wifi. The on-site restaurant is also a drawcard. Hotel Chino ranks at #13/218 in Brisbane Specialty Lodgings in TripAdvisor with a rating of “’Excellent’’ and achieved 65.8% occupancy in the 12 months to November 2019, with an ADR of $114.36 nett. Please note the ADR is nett of agent’s commission/wifi/welcome beverage – allowable deductions. RevPAR is where Hotel Chino really shines - $75.22 compared to the industry ave of $67.28. Looking at a pandemic year – 2020 – Hotel Chino not only kept the doors open but managed to stay above the industry - due to the nearby location of hospitals, road networks, shopping centre and transport.
In addition to the Management Rights sale there are 38 studio apartments to be purchased at $115,000 each to a total value of $4,370,000
MR Income $576,000
Managers Unit $350,000
Business price $ 3,440,000
38 Studio apartments $4,370,000
TOTAL $ 8,160,000
Please contact Robert Collins Exclusive Agent on 0404678792 or robertc@aas.com.au

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Last updated: 5th May 2021

Summary

Property Type
Commercial
Contract Type
For Sale
Location
 Woolloongabba
State
 Queensland
Price
$3,790,000
Category
  • Hotel
  • Hotel
  • Hotel

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