CDL to acquire Sofitel Brisbane Central for $159.2 mil
From the resort, visitors will certainly be able absorb sights of Brisbane’s famous ANZAC Square, the city’s horizon and indeed the Sunshine Coast, that is approximately an hour also a half’s drive off.
City Developments Limited (CDL) has already obtained Sofitel Brisbane Central for A$ 177.7 million ($159.2 million) or A$ 427,000 per key. This will certainly be CDL’s third hotels and resort in Australia.
“The recommended purchase marks the group’s entry right into Brisbane’s accommodation market. Brisbane is among the key hospitality markets in Australia that have actually experienced the strongest revenue per average room (RevPAR) improvement in 2022, substantially exceeding pre-pandemic achievements,” states CDL’s executive chairman Kwek Leng Beng.
The topmost luxury Sofitel Brisbane Central has 416 rooms and even suites also is Brisbane’s largest single-branded hotel by area list. The 30-storey hotel is home to the city’s biggest hotel activity including conference amenities with 9 meeting including meeting room in which can suit approximately 1,100 people.
The acquisition was ensured by the group’s wholly-owned hotel subsidiary 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 became part of an acquisition sale agreement (PSA) and also business property sale contract with Brookfield Asset Management.
The acquisition is claimed to align with CDL’s diversification strategy with Australia being among its key markets. The group even has a number of enhancement plans, consisting of Fitzroy and The Marker in Melbourne, and also Brickworks Park and Treetops at Kenmore in Brisbane.
“Brisbane’s pipeline of over A$ 20 billion in structure plans will definitely moreover boost the city’s position as a first-rate sporting, holidays and also business functions 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 procurement gives an appealing possibility for the team to enlarge our presence in Australia plus improve our returning income flow. The group stays focused on optimizing our hospitality profile,” he includes.
Some of Brisbane’s essential attractions such as Eagle Street Pier plus Queen Street Shopping center are likewise within walking proximity.
Softel Brisbane Central is located in the middle of the city’s central business district (CBD) and takes pleasure in direct accessibility to Brisbane’s Main Station. The resort’s place likewise offers connection to the city’s commercial and also retail store places, the Brisbane Airport Terminal, Brisbane Recreation Centre, Gold Coast and the rest of Queensland.