$620m Travelodge hotel portfolio sold to Salter Brothers JV by McVay Real Estate
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$620m Travelodge hotel portfolio sold to Salter Brothers JV by McVay Real Estate
Managing Director of Salter Brothers Paul Salter said. “The transaction enables us to capitalize on the evolving hospitality sector in Australia." Sam McVay Managing Director of McVay Real Estate told Williams media, "the campaign highlighted positive buyer depth and global interest and is a great indictator for Australia’s future, we are seeing this across the board all sectors which is really encouraging.”
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TravelodgeManaging Director of Salter Brothers Paul Salter said, “The transaction enables us to capitalize on the evolving hospitality sector in Australia,” Sam McVay Managing Director of McVay Real Estate told Williams media, “the campaign highlighted positive buyer depth and global interest and is a great indictator for Australia’s future, we are seeing this across the board all sectors which is really encouraging.”
Managing Director of Salter Brothers Paul Salter said, “The transaction enables us to capitalize on the evolving hospitality sector in Australia." Sam McVay Managing Director of McVay Real Estate told Williams media, “the campaign highlighted positive buyer depth and global interest and is a great indictator for Australia’s future, we are seeing this across the board all sectors which is really encouraging.”
Paul Salter of Salter Brothers has confirmed the acquisition of the Travelodge portfolio from Mirvac and NRMA. The portfolio consists of 11 hotels worth AUD$620m and has been purchased by Salter Brothers under a new Australian Hospitality Sector joint venture with Singaporean sovereign wealth fund, GIC and leading private markets investment firm, Partners Group (acting on behalf of its clients). The transaction marks the first acquisition of the joint venture, creating a platform of scale and geographic diversification across Australia.
Managing Director of Salter Brothers, Paul Salter said, “The transaction enables us to capitalize on the evolving hospitality sector in Australia, positioning for growth and adding value to the portfolio via targeted capital expenditure and rebranding where appropriate.”
The portfolio of 2032 midscale hotel rooms located across Sydney, Melbourne, Brisbane, Perth and Newcastle currently operates under the Travelodge brand, with Salter Brothers anticipating that following an operator selection process, the hotels will operate under a new brand post settlement.
The portfolio will benefit from the already proven Salter Brothers hotel asset management capability, with the Group planning to reposition the assets.
Niall McCarthy, Director of Funds Management at Salter Brothers said that ‘this significant joint venture demonstrates confidence in the Australian hospitality sector and confidence in our experienced management team with proven deal sourcing capability, active hotel asset management skills and our value-add capabilities, which will all be actively deployed across this portfolio. Following this acquisition, we are well placed to progress towards acquiring further assets in this sector.”
The acquisition is expected to complete by the end of 2021.
Image below: Paul Salter Salter Brothers.
