The Sofitel Brisbane Central has been sold by Brookfield Asset Management to City Developments Limited.
The transaction was negotiated by McVay Real Estate and CBRE.
The luxury five-star Hotel consists of 416 rooms (including 37 suites) with extensive conferencing and food and beverage outlets, positioned prominently in the heart of the Brisbane CBD at 249 Turbot Street.
Sam McVay commented, “As Brisbane’s largest ever single asset hotel transaction, the sale of Sofitel Brisbane Central speaks to the renewed focus of both domestic and offshore investors for high quality assets that can tap into South East Queensland’s growth story in the lead up to the 2032 Olympics. Brisbane’s growth prospects, coupled with its recent economic and growth outperformance make it a standout location for hotel investment.
As Brisbane’s largest single-branded hotel, the scale of Sofitel Central Brisbane and the ability for vacant possession provided buyers with the opportunity to capitalise on this South East Queensland growth story.
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. There remains very strong interest in the hotel capital markets for high quality, well located assets.”