CDL to acquire Sofitel Brisbane Central for $159.2 mil

The transaction was ensured by the group’s wholly-owned property part 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 became part of an acquisition sale agreement (PSA) and also company property sale contract with Brookfield Asset Management.

Softel Brisbane Central is located in the heart of the city’s central business district (CBD) and takes pleasure in direct access to Brisbane’s Central Station. The hotel’s location likewise offers connectivity to the city’s industrial and also retail locations, the Brisbane Flight Terminal, Brisbane Recreation Centre, Gold Coast and the remainder of Queensland.

“Brisbane’s pipeline of over A$ 20 billion in infrastructure jobs will further boost the city’s position as an outstanding sporting, holidays and organization functions destination. With Brisbane being actually the host city for the 2032 Olympic including Paralympic Games and also the Rugby World Cup in Australia in 2027 including 2029, the procurement gives a captivating opportunity for the team to enlarge our exposure in Australia plus enhance our reoccuring revenue stream. The group stays focused on optimizing our accommodation portfolio,” he includes.

“The recommended acquisition notes the group’s entry into Brisbane’s accommodation industry. Brisbane is amongst the key hospitality markets in Australia that have enjoyed the strongest revenue per average room (RevPAR) recovery in 2022, substantially exceeding pre-pandemic status,” says CDL’s executive chairman Kwek Leng Beng.

The procurement is claimed to line up with CDL’s variation strategy with Australia being just one of its essential markets. The group even has a number of development plans, involving Fitzroy and The Marker in Melbourne, and also Brickworks Park plus Treetops at Kenmore in Brisbane.

The Arden floor plan

City Developments Limited (CDL) has 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.

Some of Brisbane’s major destinations such as Eagle Street Pier and Queen Street Shopping center are additionally within walking range.

The topmost high-end Sofitel Brisbane Central has 416 spaces and suites and is Brisbane’s most extensive single-branded resort by space list. The 30-storey hotel is home to the city’s biggest resort function including conference facility with nine session and meeting room in which can accommodate as much as 1,100 people.

From the hotel, people will certainly be in a position absorb views of Brisbane’s renowned ANZAC Square, the city’s sky line and even the Sunshine Coast, that is around an hour and a half’s drive off.

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