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Sign in Sign up for a FREE subscriptionAdelaide hotel sells for $103m
Salter Brothers has purchased the 251-room Sofitel Adelaide Hotel in Adelaide, Australia, for A154 million ($103 million).
CBRE Hotels together with Savills negotiated the sale of the 251-key hotel on behalf of South Australia development and construction firm Palumbo Group.
“We are extremely pleased to acquire this quality institutional luxury hotel asset in one of Australia’s most robust markets,” said Paul Salter, Salter Brothers managing director.
Located at 108 Currie Street in the heart of the CBD, Sofitel Adelaide is the first internationally branded five-star hotel to be built in Adelaide in 30 years, forming part of a 32-story mixed-use tower with two flexible retail tenancies included.
Michael Simpson, CBRE Hotels managing director, said, “The sale of the Sofitel Adelaide represents Adelaide’s most significant single-asset hotel transaction. The developers, who were the vendors in this transaction, literally poured their heart and soul
