CDL to acquire Sofitel Brisbane Central for $159.2 mil
Softel Brisbane Central is located in the center of the city’s central business district (CBD) and also delights in straight accessibility to Brisbane’s Main Station. The resort’s location likewise provides connection to the city’s commercial as well as retail store places, the Brisbane Flight Terminal, Brisbane Recreation Centre, Gold Coast and the rest of Queensland.
City Developments Limited (CDL) has gotten Sofitel Brisbane Central for A$ 177.7 million ($159.2 million) or A$ 427,000 per key. This will certainly be CDL’s third hotels and resort in Australia.
The purchase was made 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 participated in a purchase sale agreement (PSA) as well as firm property sale agreement with Brookfield Asset Management.
A few of Brisbane’s essential attractions like Eagle Street Pier plus Queen Street Mall are also within walking distance.
The topmost luxury Sofitel Brisbane Central has 416 bedrooms and even suites and also is Brisbane’s largest single-branded resort by space list. The 30-storey resort is dwelling to the city’s biggest hotel function and meeting amenities with 9 session including conference rooms that can suit approximately 1,100 individuals.
“The recommended purchase notes the team’s entry into Brisbane’s accommodation market. Brisbane is among the key hospitality markets in Australia that have already experienced the greatest revenue per average room (RevPAR) improvement in 2022, considerably going beyond pre-pandemic levels,” claims CDL’s exec chairman Kwek Leng Beng.
From the resort, guests will certainly be able enjoy scenery of Brisbane’s well-known ANZAC Square, the city’s skyline and indeed the Sunshine Coast, which is about an hour and a half’s drive off.
“Brisbane’s pipeline of over A$ 20 billion in infrastructure jobs will definitely even more boost the city’s placement as an outstanding sporting, travel and organization functions place. With Brisbane being the host city for the 2032 Olympic including Paralympic Games and the Rugby World Cup in Australia in 2027 and also 2029, the purchase gives an appealing chance for the group to enlarge our visibility in Australia and enhance our recurring revenue flow. The group stays concentrated on optimising our hospitality profile,” he adds.
The acquisition is stated to straighten with CDL’s variation technique with Australia being among its key markets. The group even has numerous improvement jobs, consisting of Fitzroy and The Marker in Melbourne, and Brickworks Park and Treetops at Kenmore in Brisbane.
