Hong Kong-based boutique hospitality brand Ovolo Hotels (“Ovolo”) has expanded its portfolio in Australia with the acquisition of the 102-key Emporium Hotel in Brisbane for A$40 million and a long-term leasehold of the 68-key Hotel Hotel in Canberra. Under a long-term leasehold agreement with Canberra-based Molonglo Group, Ovolo has acquired the business, operations, and staff at the hotel. The rebranding will come to effect on 1 March 2018, with just minor changes to the existing hotel. Emporium Hotel is Ovolo’s second addition to Brisbane in just 12 months, following the purchase of the 50-key New Inchcolm Hotel & Suites (to be named Ovolo Inchcolm Brisbane) for A$16.5 million last June. Upon completion of the acquisition of the Emporium Hotel in April 2018, Ovolo’s Australia hotel portfolio will count 6 properties, as compared to three at the beginning of 2017.
HVS APAC HOSPITALITY NEWSLETTER.