CDL to acquire Sofitel Brisbane Central for $159.2 mil
A few of Brisbane’s essential attractions like Eagle Street Pier along with Queen Street Shopping mall are likewise within walking range.
Softel Brisbane Central lies in the center of the city’s central business district (CBD) and also delights in direct access to Brisbane’s Central Station. The resort’s place likewise offers connection to the city’s business and retail areas, the Brisbane Airport Terminal, Brisbane Recreation Centre, Gold Coast and the rest of Queensland.
“Brisbane’s pipeline of beyond A$ 20 billion in structure projects will certainly even more improve the city’s placement as a world-class sporting, holidays as well as company occasions place. With Brisbane being generally the host city for the 2032 Olympic and even Paralympic Games and the Rugby World Cup in Australia in 2027 including 2029, the purchase gives an appealing opportunity for the group to enlarge our exposure in Australia plus improve our reoccuring earnings stream. The group continues to be focused on optimizing our hospitality profile,” he adds.
The transaction was ensured by the group’s wholly-owned property branch Millennium & Copthorne Hotels Limited (M&C) and in 50:50 joint venture (JV) with its New Zealand-listed branch Millennium & Copthorne Hotels New Zealand Limited on March 22 when it participated in an acquisition sale agreement (PSA) as well as company asset sale contract with Brookfield Asset Management.
From the hotel, visitors will be in a position take in viewpoints of Brisbane’s well-known ANZAC Square, the city’s sky line and also the Sunshine Coast, that is around an hour and a half’s drive off.
“The recommended acquisition notes the team’s access into Brisbane’s accommodation industry. Brisbane is amongst the key hospitality markets in Australia that have actually experienced the strongest revenue per average room (RevPAR) rehabilitation in 2022, significantly surpassing pre-pandemic achievements,” says CDL’s exec chairman Kwek Leng Beng.
The purchase is stated to line up with CDL’s diversification method with Australia being among its essential markets. The group also has several development jobs, including Fitzroy and The Marker in Melbourne, and Brickworks Park plus Treetops at Kenmore in Brisbane.
The first-class luxury Sofitel Brisbane Central offers 416 rooms and even suites and is Brisbane’s most extensive single-branded hotel by space list. The 30-storey hotel is home to the city’s biggest resort activity plus meeting amenities with nine meeting together with meeting room in which can accommodate up to 1,100 individuals.
City Developments Limited (CDL) has recently 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.
