City Developments Limited (CDL), through its wholly owned hotel subsidiary Millennium & Copthorne Hotels (M&C) and in a 50-50 joint venture with its New Zealand-listed subsidiary Millennium & Copthorne Hotels New Zealand Ltd., has acquired Sofitel Brisbane Central hotel in Australia from Brookfield Asset Management at a purchase price of A$177.7 million ($118.82 million).
“The proposed acquisition marks the group’s entry into Brisbane’s hospitality sector. Brisbane is amongst the key hospitality markets in Australia that have enjoyed the strongest RevPAR recovery in 2022, significantly exceeding pre-pandemic levels,” said Kwek Leng Beng, CDL executive chairman. “Brisbane’s pipeline of over A$20 billion [$tk billion] in infrastructure projects will further enhance the city’s position as a world-class sporting, tourism and business events destination. With Brisbane being the host city for the 2032 Olympic and Paralympic Games and the Rugby World Cup in
