CDL to acquire Sofitel Brisbane Central for $159.2 mil
The purchase was made by the group’s wholly-owned hotel branch Millennium & Copthorne Hotels Limited (M&C) and in 50:50 joint venture (JV) with its New Zealand-listed part Millennium & Copthorne Hotels New Zealand Limited on March 22 when it participated in an acquisition sale agreement (PSA) and also business possession sale agreement with Brookfield Asset Management.
From the resort, visitors will be in a position take in views of Brisbane’s renowned ANZAC Square, the city’s sky line and even the Sunshine Coast, which is about an hour and a half’s drive off.
City Developments Limited (CDL) has recently obtained Sofitel Brisbane Central for A$ 177.7 million ($159.2 million) or A$ 427,000 per key. This will be CDL’s 3rd hotels and resort in Australia.
Softel Brisbane Central is located in the center of the city’s central business district (CBD) and also takes pleasure in straight access to Brisbane’s Main Station. The resort’s area additionally provides connectivity to the city’s industrial and retail places, the Brisbane Airport Terminal, Brisbane Entertainment Centre, Gold Coast and the rest of Queensland.
The topmost high-end Sofitel Brisbane Central offers 416 spaces and suites and is Brisbane’s most extensive single-branded resort by area list. The 30-storey hotel is dwelling to the city’s largest hotel event plus meeting facility with 9 meeting including boardroom in which can accommodate as much as 1,100 individuals.
Some of Brisbane’s essential destinations like Eagle Street Pier and Queen Street Shopping mall are additionally within walking distance.
“Brisbane’s pipeline of over A$ 20 billion in framework projects will further enhance the city’s placement as an outstanding sporting, holidays and organization occasions place. With Brisbane being generally the host city for the 2032 Olympic and Paralympic Games and the Rugby World Cup in Australia in 2027 and also 2029, the purchase gives an attractive chance for the group to enlarge our presence in Australia and boost our returning income stream. The group continues to be focused on optimizing our hospitality profile,” he includes.
The purchase is stated to line up with CDL’s diversity approach with Australia being one of its essential markets. The group also has several development projects, involving Fitzroy and The Marker in Melbourne, and also Brickworks Park plus Treetops at Kenmore in Brisbane.
“The recommended procurement marks the team’s entrance right 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,” says CDL’s exec chairman Kwek Leng Beng.