CDL to acquire Sofitel Brisbane Central for $159.2 mil

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 certainly be CDL’s 3rd hotel in Australia.

From the hotel, people will certainly be in a position take in views of Brisbane’s renowned ANZAC Square, the city’s sky line and even the Sunshine Coast, that is approximately an hour also a half’s drive away.

Softel Brisbane Central is located in the center of the city’s central business district (CBD) and also delights in straight access to Brisbane’s Main Station. The hotel’s place likewise gives connection to the city’s business as well as retail areas, the Brisbane Airport, Brisbane Entertainment Centre, Gold Coast and the remainder of Queensland.

“The recommended acquisition notes the group’s access right into Brisbane’s hospitality industry. Brisbane is amongst the key hospitality markets in Australia that have already experienced the greatest revenue per average room (RevPAR) recovery in 2022, considerably going beyond pre-pandemic status,” says CDL’s executive chairman Kwek Leng Beng.

Piccadilly Grand Singapore

“Brisbane’s pipeline of over A$ 20 billion in framework projects will certainly moreover enhance the city’s setting as an outstanding sporting, tourism and also business functions location. With Brisbane being generally the host city for the 2032 Olympic and even Paralympic Games and the Rugby World Cup in Australia in 2027 including 2029, the purchase presents an attractive chance for the group to expand our visibility in Australia plus enhance our recurring earnings flow. The group stays focused on optimising our accommodation profile,” he adds.

Some of Brisbane’s essential destinations like Eagle Street Pier plus Queen Street Shopping mall are likewise within walking proximity.

The purchase was made by the group’s wholly-owned hotel branch Millennium & Copthorne Hotels Limited (M&C) as well as in 50:50 joint venture (JV) with its New Zealand-listed part Millennium & Copthorne Hotels New Zealand Limited on March 22 when it entered into an acquisition sale agreement (PSA) and business possession sale contract with Brookfield Asset Management.

The first-class deluxe Sofitel Brisbane Central offers 416 bedrooms along with suites also is Brisbane’s most extensive single-branded hotel by area inventory. The 30-storey resort is home to the city’s biggest hotel activity and meeting amenities with 9 session together with conference rooms in which can accommodate approximately 1,100 people.

The acquisition is said to align with CDL’s diversity approach with Australia being one of its key markets. The group even has several improvement projects, including Fitzroy and The Marker in Melbourne, and also Brickworks Park plus Treetops at Kenmore in Brisbane.