Property investment manager forms hotel trust
Real estate investment manager Stronghold is offering units in a hotel property trust, Stronghold BT Hotel Trust No.5, which comprises a 90-key apartment hotel, to wholesale investors.
The apartment hotel is to be developed adjacent to an existing conference centre at Brisbane Technology Park, according to Stronghold.
“The new hotel will occupy a high-profile location on Logan Road and will be within walking distance of the corporate offices of Toshiba, Johnson & Johnson, Woolworths Limited and Siemens,” said Stronghold.
According to Stronghold, Quest Apartment Hotels has already agreed to a 15-year lease from building completion.
The investment manager said the Stronghold BT Hotel Trust No.5 will be formed to take ownership of the completed building.
“Units in the trust are offered to wholesale investors with a forecast average annual cash return of 9.1 per cent over the first three years following completion (subject to conditions – returns not guaranteed),” Stronghold said in a statement.