$2 million less than what he sold it for.
As Brisbane’s accommodation market starts to come back to life following the downturn brought about by the pandemic, an increasing number of offshore and interstate investors want a piece of it. Meanwhile, Fischmann partnered with fellow property developer Eduard Litver and business partner Jonathan Hasson to acquire the 84-room hotel in Spring Hill for about $16 million. “It’s beautifully refurbished. I’ve bought it back in better condition than what I sold it for,” Fischmann told The Australian Financial Review. “It’s an asset I know well having first leased it from Scott Hutchinson whose firm built it. Then I owned it before selling it to Well Smart.”
Wayne Bunz from CBRE Hotels, who brokered the deal together with his colleague Hayley Manvell, noted that the recent acquisition demonstrated the positive outlook investors have for Brisbane as an investment destination, underpinned by a range of factors, including the 2032 Brisbane Olympic Games, although Fischmann claimed that it was not the key factor in his decision to reacquire Mantra Terrace. “I would have had the same interest, even if the Olympics weren’t coming to Brisbane. It’s a strong, growing market, which will continue to get bigger as so many people want to come here. It’s a market that is coming into its own,” the 8Hotels founder said.
