(ShareCast News) - Middle East and Australia-focused hotel owner, developer and asset manager Action Hotels announced on Thursday that ibis Styles Brisbane Elizabeth Street has won a 'Best Economy Hotel' award at the 2016 HM Awards.The AIM-traded firm said the Hotel Management Awards have recognised accommodation industry properties across Australia, New Zealand and the South Pacific for 14 years.It said its key focus is to introduce quality branded accommodation at "exceptional value" in convenient locations across the Middle East and Australia.HM Magazine described Ibis Styles Brisbane as a "prime example of how new-build hotels can thrive and tap into the modern day economy traveller".Action Hotels currently operates eleven hotels with more than 2,000 rooms across nine brands in the Middle East and Australia, with a pipeline of new properties in development in both regions."We are absolutely delighted to have been named Best Economy Hotel of 2016 and recognised internationally as a leading presence in the hotel industry," said chief executive Alain Debare."This fantastic award pays testament to both the quality of the asset and its execution in the economy segment."