Australia: The franchise and leasehold interest in serviced apartment hotel Quest Breakfast Creek has been sold in a major transaction brokered by specialist property brokerage firm Ras360 Property Solutions.
The deal, led by Ras360’s National Director of Management Rights & Accommodation, Nathan Eades, alongside broker Malcolm O’Farrell, is understood to be the largest franchise sale under the Quest brand in Queensland to date.
Located in Brisbane’s inner north, Quest Breakfast Creek comprises 132 serviced apartments in studio, one-, two- and three-bedroom configurations. Since opening in 2012, the property has maintained a strong trading performance and consistently ranks among Brisbane’s top-rated serviced apartments.
The property has been operated by its previous franchisees since September 2020.
The transaction comes amid a buoyant period for Queensland’s hotel and accommodation sector. According to data commissioned by the Property Council of Australia, Brisbane’s hotel market is outperforming pre-pandemic levels across all key metrics including occupancy, average daily rate, and revenue per available room.
Eades said: “We’ve seen a genuine shift in the Queensland hotel market, with ADR and occupancy increasing year on year. This tightly held market makes this one particularly rare for the Quest brand.”
O’Farrell added: “Queensland’s hotel sector is experiencing robust growth, with unprecedented investment demand and limited supply. This transaction reflects the current strength of the market and sets the tone in the lead-up to the Brisbane 2032 Olympic Games.”
Ras360 Property Solutions, licensed across Queensland, New South Wales and Victoria, has facilitated multiple Quest transactions in recent years, including sites in Cannon Hill, Chermside, Brisbane CBD, Townsville, Toowoomba and South Brisbane, alongside freehold sales in Darwin and Townsville.
Eades said the team remains focused on evolving the brokerage space: “We’ve enjoyed a prosperous period of growth and as that continues, we’re focused on evolving the brokerage space with quality service, communication and a sense of urgency.”
