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I 8 Jun2000 |
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Commonwealth purchases Brisbane Marriott Hotel,
Australia
In Australia, Commonwealth Property has purchased the Brisbane Marriott Hotel as the primary asset for its newly-founded hotel fund. Commonwealth Property general manager, Geoff McWilliam, said the fund would eye four- to five-star hotels, and would have a 10-year fixed life. He added that the Brisbane Marriott Hotel would continue to be operated by Marriott. Mr McWilliam declined to reveal the purchase price for the hotel, which market sources have valued around A$42m (approx. US$24.81m).
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Abstract from Australian Financial Review 07-Jun-00
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