CDL to acquire Sofitel Brisbane Central for $159.2 mil
The topmost high-end Sofitel Brisbane Central has 416 spaces along with suites and also is Brisbane’s biggest single-branded resort by area list. The 30-storey resort is home to the city’s biggest hotel function plus meeting amenities with nine session including conference rooms that can suit up to 1,100 people.
From the resort, visitors will certainly be in a position absorb views of Brisbane’s iconic ANZAC Square, the city’s sky line and even the Sunshine Coast, that is approximately an hour and a half’s drive away.
Softel Brisbane Central is located in the middle of the city’s central business district (CBD) and also delights in direct accessibility to Brisbane’s Central Station. The hotel’s location also offers connectivity to the city’s commercial as well as retail store locations, the Brisbane Airport Terminal, Brisbane Entertainment Centre, Gold Coast and the rest of Queensland.
City Developments Limited (CDL) has gotten Sofitel Brisbane Central for A$ 177.7 million ($159.2 million) or A$ 427,000 per key. This will be CDL’s 3rd hotel in Australia.
The purchase is said to align with CDL’s diversity method with Australia being among its essential markets. The group also has a number of development projects, including Fitzroy and The Marker in Melbourne, and also Brickworks Park and Treetops at Kenmore in Brisbane.
The transaction was rendered 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 part Millennium & Copthorne Hotels New Zealand Limited on March 22 when it entered into an acquisition sale agreement (PSA) and also company asset sale contract with Brookfield Asset Management.
A few of Brisbane’s key destinations for example, Eagle Street Pier along with Queen Street Mall are additionally within walking distance.
“Brisbane’s pipeline of over A$ 20 billion in framework jobs will further boost the city’s setting as a first-rate sporting, holidays and also organization events destination. With Brisbane being actually the host city for the 2032 Olympic including Paralympic Games and also the Rugby World Cup in Australia in 2027 and also 2029, the purchase offers an appealing possibility for the group to expand our presence in Australia plus boost our recurring earnings flow. The group remains focused on optimizing our accommodation profile,” he includes.
“The suggested purchase marks the group’s access into Brisbane’s hospitality market. Brisbane is among the key hospitality markets in Australia that have already enjoyed the toughest revenue per average room (RevPAR) recovery in 2022, substantially exceeding pre-pandemic achievements,” says CDL’s exec chairman Kwek Leng Beng.
