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Brisbane has welcomed its newest hotel, the $100 million Art Series-branded the Fantauzzo, at the riverfront Howard Smith Wharves precinct.
The Fantauzzo is the latest addition to a market that was, until recently, known for its paucity of high-end hotels — new additions include Fortitude Valley’s the Calile and the $200 million Westin Brisbane in the CBD.
Queensland was Australia’s busiest hotel market in 2018, with $486 million in investment and 1,615 rooms coming on line, according to a recent Colliers hotel report.
The forecast for 2019 is much slower, with just 166 rooms forecast as supply exceeds demand in the short term.
CBRE’s Hayley Mantwell cites the new Brisbane airport runway set to be operational by 2020 and the $160 million cruise ship terminal as drivers of demand.
“Brisbane is expected to benefit over the longer term from new development and the extensive range of investment projects and initiatives currently under way and planned,” Mantwell said.
“CBRE forecasts market room rates to stabilise over the short term, followed by growth as a result of the quality of new product and increased demand from 2020.”
Melbourne photorealist painter Vincent Fantauzzo is the artist behind the eighth hotel in the Art Series, with six of his original works and more than 500 prints adorning the walls of the 6-storey, 166-room hotel.
Accor owns the Art Series brand, after acquiring the Mantra Group in a $1.2 billion deal in June 2018. Mantra had snapped up the Australian-owned Art Series brand in 2017 for $52.5 million.
“It’s [t]he first Art Series hotel to open under our management, with guests visiting Brisbane from other parts of Queensland, interstate and overseas,” Accor Pacific chief operating officer Simon McGrath said.
The SJB-designed Art Series hotel welcomed its first guests on Tuesday.
Source: Urban Developer