CDL to acquire Sofitel Brisbane Central for $159.2 mil
The first-class luxury Sofitel Brisbane Central offers 416 rooms along with suites also is Brisbane’s most extensive single-branded hotel by space list. The 30-storey hotel is dwelling to the city’s largest hotel event including meeting amenities with 9 meeting and conference rooms that can suit up to 1,100 people.
From the resort, visitors will certainly be ready take in sights of Brisbane’s iconic ANZAC Square, the city’s horizon and also the Sunshine Coast, which is approximately a hr and a half’s drive away.
“Brisbane’s pipeline of more than A$ 20 billion in structure projects will certainly moreover improve the city’s setting as a first-rate sporting, travel and organization events destination. With Brisbane being the host city for the 2032 Olympic and even Paralympic Games and the Rugby World Cup in Australia in 2027 and 2029, the purchase gives a captivating chance for the group to expand our visibility in Australia plus improve our returning revenue flow. The group stays focused on optimising our hospitality profile,” he adds.
“The recommended procurement marks the team’s entrance right into Brisbane’s hospitality sector. Brisbane is among the key hospitality markets in Australia that have experienced the best revenue per average room (RevPAR) rehabilitation in 2022, significantly exceeding pre-pandemic levels,” states CDL’s executive chairman Kwek Leng Beng.
The transaction was made by the group’s wholly-owned hotel part Millennium & Copthorne Hotels Limited (M&C) as well as 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 firm possession sale deal with Brookfield Asset Management.
Softel Brisbane Central stands in the center of the city’s central business district (CBD) and enjoys direct access to Brisbane’s Central Station. The resort’s area also offers connection to the city’s industrial as well as retail store areas, the Brisbane Airport Terminal, Brisbane Entertainment Centre, Gold Coast and the rest of Queensland.
Several of Brisbane’s major destinations like Eagle Street Pier along with Queen Street Shopping center are additionally within walking distance.
The procurement is said to align with CDL’s diversification technique with Australia being just one of its essential markets. The group also has several improvement jobs, consisting of Fitzroy and The Marker in Melbourne, and also Brickworks Park plus Treetops at Kenmore in Brisbane.
City Developments Limited (CDL) has already gotten Sofitel Brisbane Central for A$ 177.7 million ($159.2 million) or A$ 427,000 per key. This will certainly be CDL’s 3rd hotels and resort in Australia.