Sofitel Brisbane Central Hotel sold circa $178m by McVay Real Estate and CBRE

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Mar 23, 2023

Sofitel Brisbane Central Hotel sold circa $178m by McVay Real Estate and CBRE

The Sofitel Brisbane Central sold on behalf of Brookfield Asset Management to Singapores ‘CDL’ City Developments Limited. The sale of the Sofitel Hotel Brisbane was transacted by Michael Simpson,Tom Gibson and Wayne Bunz of CBRE Hotels jointly with Sam McVay and Dan McVay of McVay Real Estate.

Sofitel Brisbane Central Hotel sold circa $178m by McVay Real Estate and CBRE
Sofitel Brisbane Central Hotel sold circa $178m by McVay Real Estate and CBRE

Singapore-listed CDL has purchased the 416-room Sofitel Hotel in Brisbane from Brookfield Asset Management for a reported $178 million.

The prominent Brisbane landmark was listed for sale with vacant possession in October last year by CBRE’S Michael Simpson, Tom Gibson and Wayne Bunz, jointly with McVay’s Real Estate, Dan McVay and Sam McVay.

The International Expressions of Interest campaign classed on the 17th November 2022.

Built in 1984, Brookfield Asset Management took control of the Brisbane hotel in April 2012 as part of a reported $410-million takeover of the listed Thakral Holdings that included a portfolio of five hotels.

Mr Sam McVay told The Hotel Conversation, "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.”

"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." Added Mr McVay.

Mr McVay further commented, "Brisbane's growth prospects in the lead up to the 2032 Olympic Games, 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."

Sofitel Brisbane Central is situated above Brisbane’s Central Station and has a combined total of 416 rooms with a strong track record of superior operating performance, said Mr Wayne Bunz National Director of CBRE Hotels.