CDL to acquire Sofitel Brisbane Central for $159.2 mil

Softel Brisbane Central lies in the middle of the city’s central business district (CBD) and delights in express accessibility to Brisbane’s Main Station. The hotel’s location also offers connectivity to the city’s business and retail areas, the Brisbane Airport, Brisbane Recreation Centre, Gold Coast and the rest of Queensland.

Sky Eden Bedok, Bedok Central

The first-class luxury Sofitel Brisbane Central has 416 spaces along with suites also is Brisbane’s largest single-branded hotel by area inventory. The 30-storey resort is estate to the city’s largest resort activity and meeting amenities with nine meeting including boardroom that can fit as much as 1,100 people.

“The recommended acquisition marks the group’s entrance into Brisbane’s hospitality sector. Brisbane is amongst the key hospitality markets in Australia that have experienced the strongest revenue per average room (RevPAR) recovery in 2022, substantially exceeding pre-pandemic levels,” says CDL’s exec chairman Kwek Leng Beng.

A few of Brisbane’s major destinations for example, Eagle Street Pier and Queen Street Shopping center are likewise within walking proximity.

The acquisition is said to straighten with CDL’s variation technique with Australia being among its key markets. The group also has a number of development projects, including Fitzroy and The Marker in Melbourne, and Brickworks Park plus Treetops at Kenmore in Brisbane.

“Brisbane’s pipeline of over A$ 20 billion in infrastructure plans will definitely even more boost the city’s setting as an outstanding sporting, tourism and organization functions location. 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 gives an attractive opportunity for the team to expand our visibility in Australia and enhance our reoccuring earnings flow. The group stays focused on optimizing our hospitality portfolio,” he adds.

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 be CDL’s third hotels and resort in Australia.

The acquisition was made by the group’s wholly-owned property part Millennium & Copthorne Hotels Limited (M&C) and also in 50:50 joint venture (JV) with its New Zealand-listed subsidiary Millennium & Copthorne Hotels New Zealand Limited on March 22 when it became part of a purchase sale agreement (PSA) and also firm asset sale deal with Brookfield Asset Management.

From the hotel, people will certainly be able take in sights of Brisbane’s renowned ANZAC Square, the city’s sky line and indeed the Sunshine Coast, which is approximately an hour and a half’s drive off.

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