Transmetro Corporation sells Metro Hotel Tower Mill Brisbane
ASX-listed Transmetro Corporation has sold its Brisbane landmark property, Metro Hotel Tower Mill to Interstay Holdings Pty who plan to operate the hotel under their Madison Hotels brand.
Transmetro Corporation Ltd has operated the Tower Mill property since 1994.
Transmetro Corporation Limited’s Managing Director, Peter Frawley, said the company is pursuing other opportunities in Brisbane which better reflect its strategy to add more contemporary properties to its portfolio of hotels and apartments.
“The Group is currently looking at opportunities in Brisbane, and will continue to expand its national footprint into every major city in Australia,” he said.
The company expects the sale to have a positive financial result for the Transmetro in the current financial year.
The sale was handled by Resort Brokers Australia managing director Ian Crooks.
“The result is a pleasing outcome for Metro Hospitality Group,” Mr Crooks said. “For prospective purchasers it was a rare opportunity to secure a high profile Brisbane landmark that, since it opened in 1966, has been part of the fabric and history of the city.
Transmetro Corporation Limited is an Australian owned public company which has been listed on the Australian Stock Exchange for more than 40 years. Metro Hospitality Group, the trading division of the corporation oversees the Metro Hotels chain of hotels, apartments and pubs in Australia.
The Group is 100 per cent Australian owned and managed, and is a well-recognised brand with some 40 years expertise in hotel management in Australia.
For further information, visit www.metrohotels.com.au