CDL to acquire Sofitel Brisbane Central for $159.2 mil
Softel Brisbane Central is located in the heart of the city’s central business district (CBD) and delights in express access to Brisbane’s Central Station. The resort’s area also provides connection to the city’s industrial and also retail places, the Brisbane Flight Terminal, Brisbane Recreation Centre, Gold Coast and the other parts of Queensland.
“The suggested purchase marks the team’s entry into Brisbane’s accommodation sector. Brisbane is among the key hospitality markets in Australia that have already enjoyed the strongest revenue per average room (RevPAR) improvement in 2022, significantly surpassing pre-pandemic achievements,” states CDL’s executive chairman Kwek Leng Beng.
“Brisbane’s pipeline of more than A$ 20 billion in infrastructure jobs will even more improve the city’s placement as a first-rate sporting, holidays and also organization functions location. With Brisbane being actually the host city for the 2032 Olympic and even Paralympic Games and also the Rugby World Cup in Australia in 2027 and 2029, the purchase offers a captivating possibility for the team to expand our presence in Australia and boost our recurring revenue flow. The group remains focused on optimizing our hospitality profile,” he includes.
City Developments Limited (CDL) has recently acquired 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 acquisition was ensured by the group’s wholly-owned hotel branch 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 entered into an acquisition sale agreement (PSA) as well as company possession sale contract with Brookfield Asset Management.
From the hotel, guests will be able absorb views of Brisbane’s well-known ANZAC Square, the city’s horizon and indeed the Sunshine Coast, which is about an hour also a half’s drive away.
A few of Brisbane’s essential attractions like Eagle Street Pier plus Queen Street Mall are also within walking proximity.
The purchase is stated to straighten with CDL’s diversity strategy with Australia being one of its key markets. The group even has a number of enhancement jobs, involving Fitzroy and The Marker in Melbourne, and Brickworks Park and Treetops at Kenmore in Brisbane.
The first-class luxury Sofitel Brisbane Central offers 416 rooms and suites and also is Brisbane’s biggest single-branded resort by room list. The 30-storey hotel is estate to the city’s biggest hotel function including conference amenities with 9 session including meeting room that can suit as much as 1,100 people.