Syrian billionaire Ghassan Aboud's Crystalbrook Collection group has bought The Fantauzzo Brisbane Art Series Hotel
Crystalbrook has bought The Fantauzzo Brisbane
166-key hotel for c. $70m
Currently operated by Accor and will change over in 2021
Syrian billionaire Ghassan Aboud's Crystalbrook Collection group has bought The Fantauzzo Brisbane Art Series Hotel from wealthy Melbourne development family, the Deagues.
It is understood that the price was c. $70m for the 166-room hotel, which is situated beneath Brisbane’s Story Bridge and overlooks the Howard Smith Wharves. It opened in May 2019 and is named after Melbourne-based portrait artist Vincent Fantauzzo.
Accor, which acquired the Art Series chain when it bought Mantra Group in 2018, will continue to manage The Fantauzzo until its official handover to Crystalbrook in early 2021.
The acquisition marks Crystalbrook’s entry into the Brisbane market and adds to its operations in Sydney, Byron Bay, Cairns, Newcastle and Port Douglas.
Geoff York, acting chief executive and group director at Crystalbrook Collection, flagged its intentions to expand into capital city markets last month.
Mr York also said Crystalbrook was looking at opportunities to acquire and convert city office buildings into hotels.