49
ANNUAL REPORT 2014
(1) The Mercure Brisbane and the Ibis Brisbane hotels are interconnected at ground level and situated on one freehold title.
(2) The properties were valued by CBRE Valuations Pty Limited using the Discounted Cash Flow approach.
(3) Based on the average exchange rate of A$1.00 = S$1.1393.
Novotel Brisbane offers 296 modern rooms and suites with comprehensive conference and leisure facilities in the heart of Brisbane. Located in
the CBD, within walking distance to the Central Station, Queen Street Mall and the Riverside boardwalk, this hotel is one of Queensland’s more
popular and stylish hotels amongst multi-national corporate and government bodies. Its functional yet stylish features include conference facilities
consisting 11 separate venues for up to 350 delegates. The venues feature natural light and spacious pre-function areas.
The property also features a restaurant, a cafe, a bar, a large outdoor swimming pool and a gymnasium. For its green initiatives and environmental
management, Novotel Brisbane was ISO 14001 certified in 2013 and 2014. The hotel was also awarded the Gold Planet 21 rating in 2014 for its
sustainability efforts.
Mercure and Ibis Brisbane are interconnected at the ground level and located adjacent to the government and legal precinct. The hotels are
walking distance to the South Bank cultural centre including the Queensland Gallery of Modern Art, Queensland Performing Arts Centre,
internationally acclaimed Brisbane Convention and Exhibition Centre and 16 hectares of cafés, restaurants, cycle paths, gardens, swimming
lagoon and vibrant weekend markets.
Mercure Brisbane’s 194 spacious and comfortable rooms offer spectacular views over the Brisbane River and the city. The hotel offers a newly
refurbished lobby and restaurant, and a bar, as well as three floors of function facilities and 11 conference rooms featuring ample pre-function
areas and natural light. The hotel was awarded the Gold Planet 21 rating in 2013 and 2014 for its sustainability efforts. It also received the ISO
14001 environmental certification in 2014.
Ibis Brisbane features 218 spacious rooms with a restaurant, a bar and a function room. Environmental accolades received by the hotel during
the year include the ISO 14001 environmental certification as well as the Gold Planet 21 rating.
MASTER LEASE DETAILS
Hotel:
Novotel Brisbane
Mercure Brisbane
(1)
Ibis Brisbane
(1)
Master lessee:
AAPC Properties Pty Ltd, a subsidiary of Accor S.A.
Term of lease
with master lessee:
Approximately 11 years from 19 February 2010, expiring on 30 April 2021
Minimum rental income:
A$4.9 million
A$4.1 million
FINANCIAL DETAILS
Rental income from
the property for FY 2014:
S$6.1 million
(3)
(A$5.3 million)
S$5.0 million
(A$4.4 million)
(3)
Net property income from
the property for FY 2014:
S$6.1 million
(3)
(A$5.3 million)
S$5.0 million
(A$4.4 million)
(3)
PROPERTY DETAILS
Hotel:
Novotel Brisbane
Mercure Brisbane
(1)
Ibis Brisbane
(1)
Number of guest
rooms:
296
194
218
Number of food
& beverage outlets:
Three outlets comprising
Restaurant & Terrace, Plan B Café
and Lobby Bar
One outlet comprising Mercure
Restaurant & Bar
Two outlets comprising
iBar and iBistro
Banquet/Conference/
Meeting facilities:
11 versatile conference and
function rooms for up to 350
delegates featuring pillarless
ballroom, executive boardroom,
conference cafe and a unique
pool deck area
Three floors of function
facilities and 11 conference
rooms with ample pre-function
areas with natural light for up to
900 delegates
One function room for up
to 70 guests
Car park facilities:
70 car park lots
109 car park lots
Land area:
6,235 sq m
3,847 sq m
Gross floor area:
28,049 sq m
38,972 sq m
Title:
Strata Volumetric Freehold
Freehold
Vendor:
Tourism Asset Holdings Limited
Tourism Asset Holdings Limited
Purchase price at
18 February 2010:
A$63.5 million
A$53.7 million
Valuation
(2)
as at
31 December 2014:
A$71.3 million
A$62.5 million
