This article is from the Australian Property Journal archive
LEIGHTON Properties has given Constellation Hotels Group the rights to lease and operate the 48-room boutique hotel at its Mosaic mixed-use precinct development in Fortitude Valley.
Constellation Hotels Group has entered into a 30-year agreement to open its second Grand Chifley property in Australia.
Located on the corner of East, Church and Ann Streets in Fortitude Valley, the $150 million Mosaic precinct development comprises an 18-storey 212 apartments building and over 3,000 sqm of retail and commercial space. Construction is scheduled to commence mid-2011.
Leighton Properties executive state manager Andrew Borger said an expression of interest campaign for Mosaic’s hotel offer received 35 responses from local and national hotel operators.
“There is an acknowledged gap in the market for new boutique hotel solutions in Brisbane and Mosaic is well timed, and well positioned, to meet this demand,” he added.
Jones Lang LaSalle’s research report, Brisbane Hotel Intelligence January 2011, said new hotel supply in Brisbane is expected to be quickly absorbed, with market occupancies forecast to average around 80% over the next five years.
Constellation Hotels managing director Jonathan Wooller said the addition of the Mosaic Grand Chifley Brisbane represents a very exciting step for the company as it continues to expand into the boutique accommodation market.
The Mosaic Grand Chifley Brisbane will be located in a four-level annexe attached to the 18-storey residential Mosaic development. It is expected to open in July 2013, coinciding with the settlement of the residential apartments.
Mosaic will be the fifth tower development to be delivered by Leighton Properties in Fortitude Valley in the past five years, following the success of the Green Square North and Green Square South commercial towers on St Paul’s Terrace, and the mixed-use HQ North and HQ South Towers on Wickham St.
Australian Property Journal
