
Redcape has announced another big step in its expansion plans, with acquisition of the Orion Hotel in Springfield for around $30 million and another capital raise to fund further ambition.
The Orion Hotel is within the Orion Springfield Central shopping centre, in the master-planned Springfield City development south-west of Brisbane.
It was opened in 2015, and private hotelier Jim Davies bids farewell after a decade.

“I firstly want to thank all my loyal staff over the journey, and wish Redcape all the very best for the future with Orion,” he says.
The Hotel fund reports a strong 2025 financial year, seeing like for like EBITDA growth surpass 13 per cent, leading to an increase in target distribution of 11.25c per unit for FY26, which represents yield of 7.5 per cent.
This was largely driven by the group’s continued focus on SEQ, which managing director Chris Unger says has been showing the kind of economic investment and development and positive indicators previously seen in the Sydney market.
Accordingly, Redcape has been delving heavily into the region. Late 2024 it picked up the Willow, Commercial and Lucky Tree hotels, this year it has bought the Prince Consort and Saltwater Creek hotels, the Flagstone Tavern in March, and in April four pubs from Maeva Hospitality for circa $80 million.
Unger says the pubs “have been trading very well” and that Redcape is finding “attractive returns” from capex to enhance the venues, after $30 million spent in recent renovations.
“On the back of our exceptional 2025 financial year, where we have invested heavily in refurbishments and new venues that complement the portfolio, our pubs are well positioned for this trend to continue, and we are looking forward to more of the same.”
Purchase of the Orion takes Redcape’s total spent on venue acquisitions in the past year to more than $250 million, targeting venues it hopes will bolster returns for investors.
“The Orion is a very attractive bolt on to the portfolio,” adds Unger. “The venue enjoys a high volume of passing foot traffic and is well supported by the local community and we are looking forward to being a part of it.”
The fund, backed by MA Financial, has also announced a capital raise, aiming for $50-70 million, to fund further acquisitions and capex. It is said to have strong support from existing investors.
Unger believes commercial real estate is headed for a resurgence as interest rates ease, and sees south-east Queensland as well positioned to benefit.
The buoyant outlook is a success story for Redcape, after delisting in 2021 and forced into freezing redemptions for the better part of a year, ending last April, as it rode out economic turbulence and managed its debt load.
A turnaround has involved significant sales. Late 2024 the group divested the Vauxhall Hotel in western Sydney to Orion Hotels, and the Wattle Grove to Melbourne-based Francis Hotels, and the high-profile Beach Hotel Byron Bay to the Didier family, and both the Cabramatta Hotel and El Cortez to Sam Arnaout’s Iris Capital.
Transaction on The Orion was managed by JLL’s Tom Gleeson and CBRE’s Paul Fraser, who cite a “strong appetite in the Queensland market for quality assets”.
