218 Vulture Street, South Brisbane, QLD
Having developed and opened this 134 room hotel in 2018, the Horan Group had leased the property out to an operator to run.
With the downturn in the hotel market caused by the pandemic, the lease arrangement was no longer feasible and the Horan Group contacted Colliers to assist in undertaking an Operator Selection.
As developers with a long and successful track record of delivering quality residential and hotel projects, the Horan Group’s future strategy was to develop out a larger hotel portfolio, that they could take greater control over. For this reason, they were keen to undertake a franchise arrangement for the South Brisbane hotel.
The franchise agreement offered the benefits of a strong brand and systems that would deliver increased bookings to the property, while still giving the Horan Group greater control over the day to day operations.
Colliers worked closely with the owners of the Horan Group to identify those aspects of the franchise that were most important to them, including brand, fee structures, franchise support and term.
We canvassed a broad range of operators before the Horan Group settled on Marriott, under their Courtyard by Marriott brand. A streamlined negotiation process was undertaken and executed in a matter of weeks.
Following a property improvements plan, the hotel was re-branded at the start of 2021, and to date has delivered strong returns to the Horan Group.
“The team at Colliers helped to guide us through the operator selection process, broadly canvassing the operator community, and then negotiating very favourable terms on our behalf. We found your team to be effective negotiators and operated in a highly professional manner throughout the campaign. Special thanks to you, Gus you are always helpful and really appreciate your hard efforts.”