Salter announces REIT, return of Regent Hotel brand
Salter Brothers plans to list a hospitality fund within 18 months after unveiling a property contribution and management agreement deal with UK-based IHG Hotels & Resorts.
The local group today announced six properties valued at over $1 billion will be slotted into the Real Estate Investment Trust (REIT).
All will be rebranded – a move which see the Regent brand return to Australia, in Melbourne’s Collins Street, in 2030 (venue pictured, top).
Longer term, the trust is expected to hold c$2.5b of product across the Asia-Pacific.
After contributing the half dozen assets to the trust, Salter Brother will still control 70 venues with a development pipeline of 26 more.
Regent to return
Five of the six hotels exist but will be revamped. Specifically:
- The InterContinental Melbourne The Rialto (pictured, top) will be developed and become Regent Melbourne by 2030, returning the brand to Australia after 28 years;
- Crowne Plaza Sydney Coogee Beach will reopen this year as InterContinental Sydney Coogee Beach with the addition of a pool deck, beach lounge, spa and restaurant already committed to a major occupier;
- Crowne Plaza Melbourne will become InterContinental Melbourne. A rooftop lounge, restaurant and a bathhouse – the city’s first it claims – is to be added;
- Crowne Plaza Canberra will become InterContinental Canberra after a “boutique” focused refurbishment; and
- The voco Gold Coast – the world’s first voco.
Finally, a new Hotel Indigo Canberra is earmarked to replace a venue on the same site.
“The new projects will offer guests timeless style, amazing food, and top-notch wellness experiences,” Salter Brothers’ managing director, Paul Salter, said.
“And with over a decade of working together, [I’m] confident this partnership will keep delivering something special,” he added.
IHG bolsters local presence
IHG managing director, Australasia and Pacific, Matt Tripolone, said the Salter Brothers partnership allow it to open more InterContinental branded venues here.
Last month we reported the group, for InterContinental, struck a deal to occupy the only hotel Harry Seidler designed, in Brisbane, with 321 rooms.
In Australasia, it manages 21 luxury hotels with five more under construction or proposed.
Incorporating its lower end brands – Crowne Plaza and Holiday Inn amongst them – it holds 48 Australian venues with 26 more due to be developed.
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