CDL to acquire Sofitel Brisbane Central for $159.2 mil
The purchase is stated to align with CDL’s diversification technique with Australia being just one of its key markets. The group even has a number of development plans, consisting of Fitzroy and The Marker in Melbourne, and Brickworks Park and Treetops at Kenmore in Brisbane.
“Brisbane’s pipeline of more than A$ 20 billion in infrastructure projects will definitely further enhance the city’s position as a first-rate sporting, travel and company occasions destination. With Brisbane being generally the host city for the 2032 Olympic including Paralympic Games and also the Rugby World Cup in Australia in 2027 including 2029, the acquisition presents an appealing chance for the team to expand our exposure in Australia and enhance our returning income flow. The group stays concentrated on optimising our accommodation profile,” he adds.
From the resort, people will be in a position absorb viewpoints of Brisbane’s well-known ANZAC Square, the city’s horizon and even the Sunshine Coast, which is around an hour also a half’s drive away.
The topmost high-end Sofitel Brisbane Central offers 416 bedrooms along with suites and also is Brisbane’s biggest single-branded hotel by area inventory. The 30-storey hotel is dwelling to the city’s biggest hotel event plus conference facility with 9 meeting including meeting room in which can fit approximately 1,100 individuals.
“The suggested acquisition observes the team’s access into Brisbane’s hospitality field. Brisbane is among the key hospitality markets in Australia that have already enjoyed the toughest revenue per average room (RevPAR) recovery in 2022, considerably exceeding pre-pandemic achievements,” says CDL’s exec chairman Kwek Leng Beng.
City Developments Limited (CDL) has acquired Sofitel Brisbane Central for A$ 177.7 million ($159.2 million) or A$ 427,000 per key. This will be CDL’s third hotels and resort in Australia.
The purchase was made by the group’s wholly-owned property 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 entered into an acquisition sale agreement (PSA) and also firm property sale deal with Brookfield Asset Management.
Softel Brisbane Central is located in the middle of the city’s central business district (CBD) and delights in straight accessibility to Brisbane’s Main Station. The hotel’s area also provides connectivity to the city’s business and also retail places, the Brisbane Airport Terminal, Brisbane Recreation Centre, Gold Coast and the other parts of Queensland.
Several of Brisbane’s key attractions like Eagle Street Pier along with Queen Street Mall are also within walking range.