Hong Kong buyer takes over Fortitude Valley's Emporium Hotel

FORTITUDE Valley's Emporium Hotel has been snapped up by international chain Ovolo Hotels, marking the Hong Kong investor's second foray into the River City market in 12 months.1

The Anthony John Group, which founded Emporium a decade ago, reportedly sold the property to Ovolo for $40 million.

Emporium has garnered a luxury reputation and is frequented by celebrities and other high-profile guests, however its founder and managing director Anthony John said now is the time to pass the baton as the group focuses on its new landmark project in South Bank.

"We've decided the time is right to sell our Fortitude Valley property, allowing the team to focus on the 2018 opening of our luxury boutique Southpoint Emporium Hotel," said John.

Chairman of the Ovolo Group Girish Jhunjhnuwala said investing in the Emporium was an easy choice due to its brand success and proximity to other Valley hotspots. Read more

Paris faint - Business News Australia - 11 Jan 2018