CDL to acquire Sofitel Brisbane Central for $159.2 mil
Softel Brisbane Central stands in the heart of the city’s central business district (CBD) and also takes pleasure in straight accessibility to Brisbane’s Main Station. The resort’s place also gives connection to the city’s commercial as well as retail areas, the Brisbane Airport Terminal, Brisbane Recreation Centre, Gold Coast and the remainder of Queensland.
From the resort, visitors will be in a position enjoy viewpoints of Brisbane’s famous ANZAC Square, the city’s skyline and indeed the Sunshine Coast, that is approximately an hour and a half’s drive away.
“Brisbane’s pipeline of more than A$ 20 billion in infrastructure projects will moreover enhance the city’s position as a first-rate sporting, holidays and also business functions 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 purchase offers an attractive chance for the group to expand our exposure in Australia and enhance our returning earnings flow. The group continues to be focused on optimising our accommodation profile,” he adds.
The acquisition was ensured by the group’s wholly-owned property subsidiary 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 participated in an acquisition sale agreement (PSA) as well as company asset sale contract with Brookfield Asset Management.
The topmost high-end Sofitel Brisbane Central has 416 spaces and even suites also is Brisbane’s most extensive single-branded resort by area list. The 30-storey resort is estate to the city’s largest hotel activity including meeting amenities with nine session together with meeting room that can suit approximately 1,100 people.
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 third hotels and resort in Australia.
“The suggested acquisition marks the group’s entry right into Brisbane’s hospitality sector. Brisbane is among the key hospitality markets in Australia that have enjoyed the toughest revenue per average room (RevPAR) improvement in 2022, significantly going beyond pre-pandemic achievements,” states CDL’s exec chairman Kwek Leng Beng.
The acquisition is stated to line up with CDL’s variation technique with Australia being one of its key markets. The group also has a number of enhancement jobs, involving Fitzroy and The Marker in Melbourne, and also Brickworks Park plus Treetops at Kenmore in Brisbane.
Several of Brisbane’s key attractions such as Eagle Street Pier and Queen Street Shopping center are also within walking proximity.