Belmo Group heads north with Townsville hotel acquisition
First North Queensland acquisition strengthens Belmo's growing hotel portfolio
Belmo Group has continued its expansion across Queensland, acquiring Aquarius on the Beach in Townsville and marking its first move into North Queensland.
The group officially took over operations of the beachfront hotel at 75 The Strand on July 1, marking its first investment in the region and growing its portfolio to more than 25 properties and over 2,000 keys across Queensland and New South Wales.
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Aquarius on the Beach occupies one of Townsville’s most recognisable waterfront locations, with all 156 guest rooms overlooking Cleveland Bay towards Magnetic Island. The 13-storey property also features a pool, beachfront lawns and meeting facilities, sitting directly on The Strand, the city’s popular two-kilometre beachfront promenade.
Belmo Group Chief Executive Officer David Assef said the acquisition was about building on an already successful operation while preserving the qualities that had made the hotel a favourite with returning guests.
“Townsville is a city on the move, and Aquarius holds a position on its waterfront that can’t be replicated. But what really sets it apart is the business behind it; strong client relationships built over many years,” he said.
“Our job is to protect those relationships, and the experience guests return for, while lifting the hotel’s commercial performance.”
Belmo will assume responsibility for the hotel’s operations, revenue management, distribution, sales and marketing, and guest experience, while retaining the property’s local identity and established reputation.
The acquisition reflects growing confidence in Townsville’s long-term outlook. As North Queensland’s largest city, Townsville continues to benefit from a diverse economy underpinned by defence, James Cook University, the Port of Townsville and major investment in energy and critical minerals, supporting demand from both corporate and leisure travellers throughout the year.
Founded in Brisbane in 2011, Belmo Group has grown from a single management rights acquisition into a diversified hospitality business operating through its Belmo Hotels and Belmo Living divisions. Its portfolio now spans corporate and leisure hotels, resorts, and residential and commercial assets across Queensland and New South Wales.
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