Property Developer reacquires newly renovated hotel with a multimillion-dollar discount

BRISBANE (CU)_Eight years ago, property developer Paul Fischmann sold what was then called the Diamant Hotel to Singapore’s Well Smart Investment Holdings at a value of $18 million. Earlier this year, the Brisbane-based property, now called the Mantra Terrace Hotel, underwent a multi-million dollar renovation across its public spaces, guestrooms and the restaurant and bar, before reopening in April. This week, Fischmann managed to take advantage of the recalibration of hotel values in Australia since the start of the pandemic, buying back the newly refurbished property for…