Crystalbrook Collection has announced plans to expand its luxury east coast hotel portfolio with the acquisition of boutique Brisbane property, The Fantauzzo.
The purchase from the Deague Group marks Crystalbrook’s entry into the Brisbane market, and adds to its operations in Sydney, Byron Bay, Cairns, Newcastle and Port Douglas.
“Australia’s east coast is unlike anything else in the world, and as a company we are pleased to be able to invest in and support the Australian tourism industry. Brisbane was the next logical step for us,” Crystalbrook Collection owner Ghassan Aboud said.
Interim CEO Geoff York said The Fantauzzo fits “seamlessly” with Crystalbrook Collection.
“The hotel is unique, full of personality and we love the location in the cultural hub of Howard Smith Wharves,” he said.
The official handover will occur in the first half of 2021. Upon handover the hotel will trade under Crystalbrook Collection with the official new name to be announced in the coming months. Until the acquisition is complete, the hotel will continue normal trading under the management of Art Series Hotels.