CDL to acquire Sofitel Brisbane Central – marks the Group’s expanding hospitality footprint in Australia

CDL to acquire Sofitel Brisbane Central – marks the Group’s expanding hospitality footprint in Australia

Dubai, United Arab Emirates – City Developments Limited (CDL), through its wholly-owned hotel subsidiary Millennium & Copthorne Hotels Limited (M&C) and in a 50:50 Joint Venture (JV) with its New Zealand-listed subsidiary Millennium & Copthorne Hotels New Zealand Limited (NZX:MCK), has entered into a Purchase Sale Agreement and Business Asset Sale Agreement on 22 March 2023 to acquire the Sofitel Brisbane Central hotel in Australia from Brookfield Asset Management at a purchase price of A$177.7 million (approximately S$159.2 million1), or A$427,000 (approximately S$383,0001) per key.

- The landmark 5-star hotel with 416 rooms and extensive facilities will be the Group’s third hotel in Australia

- Brisbane’s largest single branded hotel by room inventory and largest hotel conference facilities in the heart of the CBD with direct access to Central Station

- Strong investment potential due to the robust fundamentals of Brisbane’s hotel market, limited room supply, pipeline of infrastructure projects and large-scale sporting and business events, which will fuel sustained demand

Located in the heart of Brisbane’s vibrant Central Business District (CBD), the 5-star luxury hotel is directly linked to the Central Station, a major transportation hub, and offers unparalleled connectivity to the city’s commercial and retail areas, the Brisbane Airport, Brisbane Entertainment Centre,