Salter Brothers behind Adelaide hotel deal
Salter Brothers is speculated to be paying c$150 million for the first 5-star hotel developed in Adelaide for 33 years.
The Accor-managed Sofitel Hotel, with 251 suites, covers the lower 24 floors of a 32 level building completed 18 months ago at 108 Currie Street, on the north east corner of Rosina.
The balance of the building is residential; known as Luminesque, it contains 72 apartments.
CBRE’s Michael Simpson and Tom Gibson with Savills’ Nick Lower and Rob Williamson represented the vendor, Palumbo Group, led by Daniel Palumbo.
“While Adelaide previously had a hotel rate ceiling, the development of the Mayfair Hotel, Eos by SkyCity and…the Sofitel has materially improved the city’s hotel product amid a surge in domestic travel,” Mr Simpson said upon listing the asset last May.
The deal comes three months since Salter Brothers paid Flight Centre co-founder Graham Turner and his wife, Jude, c$130m for the Spicers Retreats business and six of its 10 venues, in New South Wales and Queensland (story continues below).
In late 2020, meanwhile, the Melbourne based fund manager teamed with Singapore sovereign wealth fund GIC to pick up a portfolio of 11 Travelodge hotels – and the Travelodge brand – from Mirvac and NRMA, outlaying just over $600m.
The year earlier, Salter spent $150m for the NEXT hotel and a neighbouring retail investment in the Brisbane CBD.
That seller was Challenger.
The last 5-star hotel developed in Adelaide CBD’s was the InterContinental, on North Terrace.
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