City Developments Limited (CDL) has purchased Sofitel Brisbane Central for A$177.7 million ($159.2 million) or A$427,000 for each key. This is CDL’s 3rd Hotel in Australia.
Pinetree Hill showflat located in the tightly held neighbourhood of the Ulu Pandan area, the charming Pinetree Hill sits in the central region of Singapore.
The acquisition was completed by the group’s 100%-owned subsidiary hotel Millennium & Copthorne Hotels Limited (M&C) and was completed in a 50/50 jointly-owned venture (JV) together with the subsidiary listed in New Zealand Millennium & Copthorne Hotels New Zealand Limited on the 22nd of March when it signed a purchase agreement (PSA) as well as a business contract for the sale of assets with Brookfield Asset Management.
The five-star Sofitel luxury hotel Brisbane Central offers 416 suites and rooms and is Brisbane’s most branded single hotel in terms of rooms available. The hotel’s 30-storey height is the city’s biggest hotel meeting and event facility featuring nine meeting and conference rooms that can host up to 1,100 persons.
Softel Brisbane Central is located within Brisbane’s central business district (CBD) and has the direct connection directly to Brisbane’s Central Station. The hotel’s location offers access to Brisbane’s retail and commercial zones as well as Brisbane Airport, Brisbane Airport, Brisbane Entertainment Centre, Gold Coast and the remainder of Queensland.
A few of Brisbane’s most popular attractions like Eagle Street Pier and Queen Street Mall are accessible by foot.
From the hotel guests can to enjoy the stunning views of Brisbane’s famous ANZAC Square, the city’s skyline, and Brisbane’s Sunshine Coast, which is approximately an hour and half’s drive from the hotel.
The acquisition is believed to be in line the CDL diversification strategy, and is in line with Australia as one of its major markets. The group also has numerous projects in development that include Fitzroy Fitzroy and The Marker in Melbourne as well as Brickworks Park and Treetops at Kenmore in Brisbane.
“The planned acquisition will mark the company’s entrance into the Brisbane hospitality industry. Brisbane is among the most important tourism markets in Australia which have seen the most robust revenue per room (RevPAR) growth in 2022, far exceeding the pre-pandemic average,” says CDL’s executive chairman Kwek Leng Beng.
“Brisbane’s pipeline of more than A$20 billion worth of infrastructure projects will help further increase Brisbane’s status as a top sporting, business, and tourism tourist destination. With Brisbane as the host city of the 2032 Olympic and Paralympic Games and the Rugby World Cup in Australia in 2027 and 2029, the purchase is a fantastic opportunity for the company to expand the presence of our business in Australia and increase our regular revenue stream. The company remains focused on enhancing the hospitality business,” the CEO says.