CDL to acquire Sofitel Brisbane Central for $159.2 mil

The first-class luxury Sofitel Brisbane Central features 416 rooms along with suites and also is Brisbane’s largest single-branded hotel by area inventory. The 30-storey resort is dwelling to the city’s largest hotel function plus conference facility with 9 meeting and conference rooms that can accommodate up to 1,100 individuals.

The acquisition was ensured by the group’s wholly-owned property branch Millennium & Copthorne Hotels Limited (M&C) and also in 50:50 joint venture (JV) with its New Zealand-listed subsidiary Millennium & Copthorne Hotels New Zealand Limited on March 22 when it became part of an acquisition sale agreement (PSA) and company possession sale deal with Brookfield Asset Management.

From the hotel, guests will be ready take in sights of Brisbane’s well-known ANZAC Square, the city’s horizon and even the Sunshine Coast, that is about an hour and a half’s drive away.

Softel Brisbane Central lies in the heart of the city’s central business district (CBD) and enjoys direct accessibility to Brisbane’s Central Station. The resort’s place likewise offers connectivity to the city’s industrial as well as retail store places, the Brisbane Airport Terminal, Brisbane Entertainment Centre, Gold Coast and the rest of Queensland.

Several of Brisbane’s key destinations for example, Eagle Street Pier plus Queen Street Mall are likewise within walking proximity.

City Developments Limited (CDL) has gotten 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.

“Brisbane’s pipeline of over A$ 20 billion in infrastructure plans will definitely even more enhance the city’s setting as a first-rate sporting, travel as well as business 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 also 2029, the purchase gives an attractive possibility for the team to enlarge our presence in Australia and boost our recurring revenue flow. The group continues to be focused on optimizing our accommodation profile,” he adds.

“The recommended procurement observes the group’s entrance right into Brisbane’s accommodation field. Brisbane is amongst the key hospitality markets in Australia that have already experienced the strongest revenue per average room (RevPAR) improvement in 2022, significantly going beyond pre-pandemic levels,” says CDL’s executive chairman Kwek Leng Beng.

The M Condo Singapore

The acquisition is claimed to align with CDL’s diversity approach with Australia being just one of its key markets. The group also has a number of development projects, consisting of Fitzroy and The Marker in Melbourne, and also Brickworks Park plus Treetops at Kenmore in Brisbane.

error: Content is protected !!