CDL to acquire Sofitel Brisbane Central for $159.2 mil
City Developments Limited (CDL) has already obtained Sofitel Brisbane Central for A$ 177.7 million ($159.2 million) or A$ 427,000 per key. This will certainly be CDL’s 3rd hotel in Australia.
“The recommended acquisition notes the team’s entry right into Brisbane’s hospitality field. Brisbane is amongst the key hospitality markets in Australia that have actually enjoyed the toughest revenue per average room (RevPAR) improvement in 2022, significantly exceeding pre-pandemic status,” states CDL’s executive chairman Kwek Leng Beng.
“Brisbane’s pipeline of more than A$ 20 billion in structure plans will definitely moreover boost the city’s position as a first-rate sporting, travel and business functions place. With Brisbane being generally the host city for the 2032 Olympic and Paralympic Games and also the Rugby World Cup in Australia in 2027 and 2029, the acquisition presents an attractive opportunity for the team to enlarge our exposure in Australia plus enhance our reoccuring income stream. The group remains concentrated on optimising our hospitality profile,” he adds.
A few of Brisbane’s major destinations for example, Eagle Street Pier plus Queen Street Shopping center are likewise within walking proximity.
The topmost luxury Sofitel Brisbane Central has 416 spaces along with suites and also is Brisbane’s largest single-branded hotel by room inventory. The 30-storey resort is dwelling to the city’s largest resort function including conference amenities with nine meeting including boardroom that can fit as much as 1,100 people.
The acquisition was made by the group’s wholly-owned property branch Millennium & Copthorne Hotels Limited (M&C) and in 50:50 joint venture (JV) with its New Zealand-listed subsidiary Millennium & Copthorne Hotels New Zealand Limited on March 22 when it participated in a purchase sale agreement (PSA) and also business asset sale agreement with Brookfield Asset Management.
From the resort, visitors will be able absorb views of Brisbane’s famous ANZAC Square, the city’s sky line and also the Sunshine Coast, which is approximately an hour also a half’s drive away.
Softel Brisbane Central lies in the middle of the city’s central business district (CBD) and also takes pleasure in straight access to Brisbane’s Central Station. The resort’s place additionally delivers connectivity to the city’s industrial as well as retail store locations, the Brisbane Airport Terminal, Brisbane Entertainment Centre, Gold Coast and the other parts of Queensland.
The procurement is said to align with CDL’s diversification strategy with Australia being just one of its essential markets. The group also has several development projects, involving Fitzroy and The Marker in Melbourne, and Brickworks Park and Treetops at Kenmore in Brisbane.