City Developments to acquire Sofitel Brisbane Central hotel from Brookfield Asset Management for $119m.

City Developments, a real estate operating organisation, agreed to acquire Sofitel Brisbane Central hotel, a 5-star luxury hotel, from Brookfield Asset Management, a global alternative asset manager, for $119m. “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 prepandemic levels. Brisbane’s pipeline of over $12.3bn 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 Australia in 2027 and 2029, the acquisition presents an attractive opportunity for the group to enlarge our presence in Australia and enhance our recurring income stream. The group remains focused on optimising our hospitality portfolio,” Kwek Leng Beng, CDL Chairman.