CDL to acquire Sofitel Brisbane Central for $159.2 mil
The acquisition was rendered by the group’s wholly-owned hotel part Millennium & Copthorne Hotels Limited (M&C) and in 50:50 joint venture (JV) with its New Zealand-listed part Millennium & Copthorne Hotels New Zealand Limited on March 22 when it became part of an acquisition sale agreement (PSA) and also company asset sale deal with Brookfield Asset Management.
Softel Brisbane Central is located in the heart of the city’s central business district (CBD) and also enjoys direct accessibility to Brisbane’s Central Station. The hotel’s area additionally gives connectivity to the city’s industrial as well as retail places, the Brisbane Airport, Brisbane Recreation Centre, Gold Coast and the rest of Queensland.
“Brisbane’s pipeline of beyond A$ 20 billion in framework jobs will further enhance the city’s placement as an outstanding sporting, tourism as well as organization functions place. With Brisbane being the host city for the 2032 Olympic and Paralympic Games and the Rugby World Cup in Australia in 2027 and 2029, the procurement presents an attractive chance for the group to enlarge our exposure in Australia plus enhance our recurring revenue flow. The group stays focused on optimising our hospitality profile,” he includes.
The topmost deluxe Sofitel Brisbane Central features 416 bedrooms along with suites also is Brisbane’s largest single-branded resort by space inventory. The 30-storey resort is home to the city’s biggest resort function plus meeting amenities with nine session including conference rooms that can fit up to 1,100 people.
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 be CDL’s 3rd hotels and resort in Australia.
Several of Brisbane’s essential attractions such as Eagle Street Pier and Queen Street Shopping mall are also within walking proximity.
The procurement is said to align with CDL’s diversification approach with Australia being one of its essential markets. The group also has several enhancement plans, consisting of Fitzroy and The Marker in Melbourne, and Brickworks Park and Treetops at Kenmore in Brisbane.
From the hotel, visitors will certainly be in a position absorb sights of Brisbane’s famous ANZAC Square, the city’s skyline and also the Sunshine Coast, that is around an hour and a half’s drive away.
“The proposed acquisition marks the team’s entry into Brisbane’s hospitality market. Brisbane is amongst the key hospitality markets in Australia that have actually experienced the greatest revenue per average room (RevPAR) rehabilitation in 2022, significantly exceeding pre-pandemic achievements,” claims CDL’s executive chairman Kwek Leng Beng.
