CDL to acquire Sofitel Brisbane Central for $159.2 mil
The purchase was ensured by the group’s wholly-owned property branch Millennium & Copthorne Hotels Limited (M&C) and also in 50:50 joint venture (JV) with its New Zealand-listed branch Millennium & Copthorne Hotels New Zealand Limited on March 22 when it entered into an acquisition sale agreement (PSA) and also company possession sale deal with Brookfield Asset Management.
The purchase is said to straighten with CDL’s diversity strategy with Australia being one of its essential markets. The group also has a number of development projects, involving Fitzroy and The Marker in Melbourne, and Brickworks Park plus Treetops at Kenmore in Brisbane.
The five-star deluxe Sofitel Brisbane Central has 416 spaces and suites and also is Brisbane’s most extensive single-branded hotel by area inventory. The 30-storey resort is dwelling to the city’s biggest resort function plus conference amenities with nine session and meeting room in which can suit up to 1,100 people.
From the hotel, people will be able enjoy scenery of Brisbane’s renowned ANZAC Square, the city’s skyline and also the Sunshine Coast, that is approximately a hr also a half’s drive away.
City Developments Limited (CDL) has already obtained Sofitel Brisbane Central for A$ 177.7 million ($159.2 million) or A$ 427,000 per key. This will certainly be CDL’s 3rd hotels and resort in Australia.
Several of Brisbane’s essential destinations for example, Eagle Street Pier along with Queen Street Mall are likewise within walking distance.
“Brisbane’s pipeline of over A$ 20 billion in framework plans will even more enhance the city’s setting as a first-rate sporting, holidays as well as company occasions location. With Brisbane being actually the host city for the 2032 Olympic and Paralympic Games and the Rugby World Cup in Australia in 2027 and 2029, the procurement offers an appealing possibility for the team to expand our presence in Australia plus enhance our reoccuring revenue stream. The group continues to be concentrated on optimizing our accommodation profile,” he adds.
“The suggested acquisition marks the team’s access into Brisbane’s accommodation field. Brisbane is amongst the key hospitality markets in Australia that have enjoyed the toughest revenue per average room (RevPAR) rehabilitation in 2022, significantly surpassing pre-pandemic levels,” claims CDL’s exec chairman Kwek Leng Beng.
Softel Brisbane Central stands in the middle of the city’s central business district (CBD) and enjoys express accessibility to Brisbane’s Central Station. The hotel’s location also offers connection to the city’s commercial and also retail store locations, the Brisbane Airport, Brisbane Recreation Centre, Gold Coast and the remainder of Queensland.