REDCAPE Hotel Group has added another trophy venue to its expanding South East Queensland portfolio in acquiring the Orion Hotel in Springfield for $30 million.
The purchase pushes the pub giant’s total Queensland outlay past $250 million in just 12 months, following its $80 million buyout of the Maeva Hospitality Hotel Group and its four large-format Sunshine Coast venues earlier this year.
Located within the Mirvac-developed Springfield Central shopping centre, the Orion Hotel opened in 2015 under the ownership of private hotelier Jim Davies. The transaction was brokered by CBRE’s Tom Gleeson and Paul Fraser.
The acquisition slots into the MA Financial-backed unlisted fund’s $1 billion portfolio of hotels across NSW and Queensland, one of the largest in its class on the ASX-listed manager’s books.
Redcape managing director Chris Unger said the company’s venues were performing strongly.
“The Orion is a very attractive bolt-on. It benefits from high foot traffic and strong local support, and we’re excited to become part of that community,” he told media.
Redcape has launched a capital raise seeking up to $70 million to support “accretive acquisitions” and growth capital expenditure.
