The acquisition of the 416-room hotel by CDL is the biggest hotel deal in Brisbane since the sale of the NEXT Hotel in 2019 for $150m to Salter Brothers.
Singapore-listed real estate and hospitality giant CDL has struck the biggest hotel deal in Brisbane in almost four years after agreeing to buy the 416-room Sofitel from Canada’s Brookfield Asset Management for $178 million.
In a statement posted on the Singapore Exchange, CDL said it had on Wednesday entered into an agreement to acquire the Sofitel Brisbane Central from Brookfield Asset Management for $177.7 million or $427,000 per key.The acquisition of the city’s biggest hotel by room count and conferencing space marks CDL’s entry into Brisbane’s hospitality sector, which is pinging louder on global investors’ radars after the city won the rights to host the 2032 Olympic Games in 2021.
“With Brisbane being the host city for the 2032 Olympic and Paralympic Games and the Rugby World Cup in Australia in 2027 and 2029, the acquisition presents an attractive opportunity for the group to enlarge our presence in Australia and enhance our recurring income stream.”Copthorne Hotels and its New Zealand listed subsidiary MillenniumCopthorne Hotels owns and operates more than 130 hotels and 38,000 rooms worldwide and includes the global brand Millennium Hotels and Resorts.
“We continue to seek compelling opportunities around Australia as the sector rebounds post pandemic. We also continue to hold a long-term conviction in Brisbane real estate given the market’s underlying fundamentals and growth,” she said.“The sale process for Sofitel Brisbane Central created wide-ranging buyer interest, with 11 offers received from a mixture of private and institutional capital, including a substantial level of offshore interest,” Mr McVay said.
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