CDL to acquire Sofitel Brisbane Central for $159.2 mil
The purchase was rendered by the group’s wholly-owned hotel subsidiary Millennium & Copthorne Hotels Limited (M&C) and also in 50:50 joint venture (JV) with its New Zealand-listed part Millennium & Copthorne Hotels New Zealand Limited on March 22 when it entered into an acquisition sale agreement (PSA) and also company property sale deal with Brookfield Asset Management.
From the hotel, people will certainly be in a position enjoy sights of Brisbane’s well-known ANZAC Square, the city’s horizon and even the Sunshine Coast, which is about a hr and a half’s drive off.
The acquisition is claimed to line up with CDL’s diversity method with Australia being just one of its key markets. The group even has a number of improvement projects, involving Fitzroy and The Marker in Melbourne, and also Brickworks Park and Treetops at Kenmore in Brisbane.
City Developments Limited (CDL) has recently acquired Sofitel Brisbane Central for A$ 177.7 million ($159.2 million) or A$ 427,000 per key. This will certainly be CDL’s 3rd hotel in Australia.
“The suggested procurement observes the team’s entry into Brisbane’s accommodation industry. Brisbane is among the key hospitality markets in Australia that have enjoyed the greatest revenue per average room (RevPAR) recovery in 2022, significantly surpassing pre-pandemic levels,” claims CDL’s executive chairman Kwek Leng Beng.
“Brisbane’s pipeline of beyond A$ 20 billion in structure jobs will certainly further enhance the city’s position as an outstanding sporting, holidays and business occasions destination. With Brisbane being the host city for the 2032 Olympic including Paralympic Games and also the Rugby World Cup in Australia in 2027 and 2029, the acquisition offers a captivating opportunity for the group to enlarge our exposure in Australia plus enhance our recurring revenue flow. The group continues to be concentrated on optimising our hospitality profile,” he adds.
A few of Brisbane’s essential attractions for example, Eagle Street Pier along with Queen Street Shopping center are also within walking range.
Softel Brisbane Central stands in the center of the city’s central business district (CBD) and also enjoys express access to Brisbane’s Central Station. The resort’s location also gives connectivity to the city’s business and also retail store areas, the Brisbane Flight Terminal, Brisbane Recreation Centre, Gold Coast and the rest of Queensland.
The first-class deluxe Sofitel Brisbane Central features 416 spaces and even suites and also is Brisbane’s most extensive single-branded resort by area list. The 30-storey resort is estate to the city’s largest resort function including conference amenities with 9 meeting including conference rooms in which can suit up to 1,100 people.