CDL to acquire Sofitel Brisbane Central for $159.2 mil
Softel Brisbane Central lies in the middle of the city’s central business district (CBD) and also enjoys straight accessibility to Brisbane’s Central Station. The hotel’s area also offers connection to the city’s commercial and retail store places, the Brisbane Flight Terminal, Brisbane Entertainment Centre, Gold Coast and the remainder of Queensland.
Some of Brisbane’s major spots such as Eagle Street Pier plus Queen Street Shopping mall are additionally within walking distance.
City Developments Limited (CDL) has already obtained Sofitel Brisbane Central for A$ 177.7 million ($159.2 million) or A$ 427,000 per key. This will be CDL’s third hotel in Australia.
The purchase is claimed to align with CDL’s diversification technique with Australia being just one of its key markets. The group also has numerous development jobs, involving Fitzroy and The Marker in Melbourne, and also Brickworks Park and Treetops at Kenmore in Brisbane.
The purchase was made by the group’s wholly-owned property subsidiary 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) as well as business property sale contract with Brookfield Asset Management.
From the resort, guests will certainly be in a position absorb sights of Brisbane’s renowned ANZAC Square, the city’s skyline and also the Sunshine Coast, that is approximately an hour and a half’s drive off.
“Brisbane’s pipeline of over A$ 20 billion in framework jobs will definitely even more enhance the city’s placement as a world-class sporting, travel as well as organization events location. With Brisbane being generally the host city for the 2032 Olympic and Paralympic Games and also the Rugby World Cup in Australia in 2027 including 2029, the purchase offers a captivating opportunity for the team to expand our visibility in Australia plus enhance our returning revenue stream. The group remains concentrated on optimizing our hospitality profile,” he adds.
The first-class luxury Sofitel Brisbane Central offers 416 bedrooms and even suites also is Brisbane’s biggest single-branded resort by area list. The 30-storey hotel is dwelling to the city’s largest resort activity and conference amenities with 9 meeting and conference rooms in which can suit up to 1,100 individuals.
“The suggested purchase notes the group’s entrance right into Brisbane’s accommodation sector. Brisbane is among the key hospitality markets in Australia that have experienced the best revenue per average room (RevPAR) rehabilitation in 2022, considerably surpassing pre-pandemic achievements,” states CDL’s exec chairman Kwek Leng Beng.