CDL to acquire Sofitel Brisbane Central for $159.2 mil

The purchase was ensured by the group’s wholly-owned property part Millennium & Copthorne Hotels Limited (M&C) and also 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 a purchase sale agreement (PSA) as well as company asset sale agreement with Brookfield Asset Management.

The first-class high-end Sofitel Brisbane Central features 416 rooms and suites and also is Brisbane’s largest single-branded hotel by area list. The 30-storey resort is home to the city’s biggest resort activity including meeting amenities with 9 session and conference rooms in which can accommodate approximately 1,100 people.

The Continuum Thiam Sew Avenue

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 proposed procurement notes the team’s entrance right into Brisbane’s hospitality sector. Brisbane is amongst the key hospitality markets in Australia that have experienced the best revenue per average room (RevPAR) rehabilitation in 2022, considerably going beyond pre-pandemic achievements,” says CDL’s executive chairman Kwek Leng Beng.

Softel Brisbane Central stands in the center of the city’s central business district (CBD) and also enjoys express access to Brisbane’s Main Station. The resort’s place likewise offers connection to the city’s business and also retail places, the Brisbane Flight Terminal, Brisbane Recreation Centre, Gold Coast and the other parts of Queensland.

“Brisbane’s pipeline of beyond A$ 20 billion in framework jobs will definitely further boost the city’s position as a first-rate sporting, travel as well as organization occasions place. With Brisbane being the host city for the 2032 Olympic and even Paralympic Games and also the Rugby World Cup in Australia in 2027 and also 2029, the purchase offers an appealing opportunity for the group to enlarge our exposure in Australia plus improve our reoccuring income stream. The group stays concentrated on optimising our accommodation portfolio,” he includes.

From the resort, guests will certainly be in a position absorb sights of Brisbane’s famous ANZAC Square, the city’s sky line and even the Sunshine Coast, that is approximately an hour also a half’s drive away.

The acquisition is claimed to straighten with CDL’s diversity method with Australia being just one of its key markets. The group also has several development projects, consisting of Fitzroy and The Marker in Melbourne, and also Brickworks Park plus Treetops at Kenmore in Brisbane.

A few of Brisbane’s essential attractions like Eagle Street Pier along with Queen Street Mall are additionally within walking distance.

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