CDL to acquire Sofitel Brisbane Central for $159.2 mil

The acquisition was ensured by the group’s wholly-owned hotel subsidiary 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 became part of a purchase sale agreement (PSA) and business asset sale deal with Brookfield Asset Management.

“The suggested acquisition notes the team’s entry into Brisbane’s accommodation industry. Brisbane is among the key hospitality markets in Australia that have experienced the best revenue per average room (RevPAR) rehabilitation in 2022, substantially surpassing pre-pandemic levels,” says CDL’s executive chairman Kwek Leng Beng.

Softel Brisbane Central is located in the heart of the city’s central business district (CBD) and also takes pleasure in direct accessibility to Brisbane’s Central Station. The hotel’s area likewise provides connectivity to the city’s industrial and also retail store locations, the Brisbane Flight Terminal, Brisbane Entertainment Centre, Gold Coast and the other parts of Queensland.

The acquisition is stated to straighten with CDL’s diversity approach with Australia being one of its essential markets. The group also has several improvement plans, consisting of Fitzroy and The Marker in Melbourne, and Brickworks Park plus Treetops at Kenmore in Brisbane.

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From the resort, guests will certainly be in a position absorb viewpoints of Brisbane’s famous ANZAC Square, the city’s sky line and indeed the Sunshine Coast, which is around a hr and a half’s drive off.

“Brisbane’s pipeline of over A$ 20 billion in framework jobs will definitely moreover boost the city’s setting as a first-rate sporting, tourism as well as organization events place. With Brisbane being actually the host city for the 2032 Olympic and even Paralympic Games and the Rugby World Cup in Australia in 2027 and also 2029, the purchase offers an attractive opportunity for the team to expand our visibility in Australia and boost our recurring earnings flow. The group stays concentrated on optimising our hospitality portfolio,” he adds.

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 be CDL’s third hotel in Australia.

Some of Brisbane’s key destinations like Eagle Street Pier plus Queen Street Shopping center are additionally within walking proximity.

The five-star luxury Sofitel Brisbane Central has 416 spaces and even suites and is Brisbane’s most extensive single-branded resort by room list. The 30-storey resort is estate to the city’s largest resort function plus meeting amenities with 9 meeting including meeting room in which can fit as much as 1,100 people.

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