15 Nov 2024
Words The Hotel Conversation

ResortBrokers settles Quest Apartment Hotels deals in Queensland

ResortBrokers Managing Director Trudy Crooks and Brisbane broker Nathan Benjamin have settled the sales of the businesses of Quest Woolloongabba and Quest Townsville on Eyre.

The 85-apartment Quest Townsville on Eyre was purchased by a joint venture between Ben O’Sullivan, Alison Rayner and Gary Bass.

Mr O’Sullivan has been a Quest franchisee for the past seven years. Ms Rayner and Mr Bass have 15- and 10-years’ experience respectively across various roles in the Quest network.

Mr O’Sullivan previously operated Quest Wagga Wagga, which he recently sold to focus on Quest franchise opportunities in Central and North Queensland.

“Queensland’s powerhouse regions are an excellent place to invest and live, and I look forward to the future,” says Mr O’Sullivan.

Mr O’Sullivan bought Quest Rockhampton in 2020 as his second Quest franchise and Quest Mackay on Gordon in 2022.

“Ben has an excellent understanding of regional Queensland’s diverse guest profile and has relationships across Mackay, Rockhampton and Townsville,” says Mr Benjamin. “Since operating Quest Rockhampton and Quest Mackay, he has succeeded in resetting corporate rates for premium-quality accommodation in those regions. And partners Alison and Gary bring valuable expertise that will significantly benefit Quest Townsville on Eyre.”

“The team’s combined experience, network and ability to cross-sell will give them a significant advantage. They understand it is a partnership with the freehold investors and take a professional, collaborative approach within the franchise model.”

The 132-apartment Quest Woolloongabba, located in inner-city Brisbane, was purchased by Puneet Kumar, Gian Joon and Kiran Kundnani, who are new to the hotel industry and bring to it over 20 years’ experience in the hospitality sector across India, New Zealand and Australia. Mr Kumar and Mr Joon have owned and operated multiple F&B franchises, while Mr Kundnani has operated an NDIS business.

“We are excited to utilise our combined customer service and operations experience, along with Quest’s strong brand, to make this venture a success,” says Mr Kumar.

Mr Benjamin, who served Central Queensland for three years for ResortBrokers before relocating to Brisbane earlier this year, says he received unprecedented interest in both properties, with over 200 buyer enquiries. Strong commercial leases underpin both businesses.

“Quality stock like Quest Apartment Hotels continues to be in huge demand in a market with limited new supply,” says Mr Benjamin. “As always with Quest, the locations have been strategically chosen in high growth areas.”

“Brisbane is experiencing a boom in corporate and leisure trade amid high population and capital growth. Quest Woolloongabba is one of the best-positioned properties in Brisbane. Close to major hospitals, sporting venues and Brisbane CBD.”

“Townsville’s growth is even more impressive. Queensland ‘Second Capital’ is one of Australia’s fastest growing cities, forecast to reach a population of 340,000 by 2050.”

“Both Quest businesses are extremely well positioned to leverage the incredible growth in these two cities.”

ResortBrokers has been Quest Apartment Hotels preferred supplier for over a decade. END