CDL to acquire Sofitel Brisbane Central for $159.2 mil
The transaction was made by the group’s wholly-owned hotel part Millennium & Copthorne Hotels Limited (M&C) as well as in 50:50 joint venture (JV) with its New Zealand-listed subsidiary Millennium & Copthorne Hotels New Zealand Limited on March 22 when it became part of an acquisition sale agreement (PSA) and business property sale agreement with Brookfield Asset Management.
Several of Brisbane’s key attractions such as Eagle Street Pier along with Queen Street Mall are additionally within walking range.
Softel Brisbane Central stands in the center of the city’s central business district (CBD) and delights in direct accessibility to Brisbane’s Central Station. The hotel’s area also offers connection to the city’s commercial as well as retail store areas, the Brisbane Airport, Brisbane Recreation Centre, Gold Coast and the rest of Queensland.
“The recommended acquisition observes the group’s entrance into Brisbane’s accommodation sector. Brisbane is amongst the key hospitality markets in Australia that have already experienced the greatest revenue per average room (RevPAR) improvement in 2022, substantially exceeding pre-pandemic achievements,” says CDL’s exec chairman Kwek Leng Beng.
From the hotel, guests will be in a position take in sights of Brisbane’s renowned ANZAC Square, the city’s skyline and also the Sunshine Coast, which is approximately an hour also a half’s drive away.
The purchase is stated to straighten with CDL’s diversification technique with Australia being just one of its essential markets. The group also has numerous enhancement projects, involving Fitzroy and The Marker in Melbourne, and also Brickworks Park plus Treetops at Kenmore in Brisbane.
City Developments Limited (CDL) has already obtained Sofitel Brisbane Central for A$ 177.7 million ($159.2 million) or A$ 427,000 per key. This will certainly be CDL’s 3rd hotels and resort in Australia.
“Brisbane’s pipeline of more than A$ 20 billion in framework plans will moreover enhance the city’s placement as an outstanding sporting, travel and organization events location. With Brisbane being generally the host city for the 2032 Olympic and Paralympic Games and also the Rugby World Cup in Australia in 2027 including 2029, the purchase offers an attractive opportunity for the team to expand our exposure in Australia plus improve our reoccuring revenue flow. The group stays focused on optimizing our hospitality profile,” he includes.
The topmost luxury Sofitel Brisbane Central offers 416 bedrooms along with suites and is Brisbane’s biggest single-branded hotel by room inventory. The 30-storey resort is home to the city’s largest hotel activity and conference facility with 9 meeting and conference rooms in which can accommodate as much as 1,100 people.