Salter Brothers is paying $150 million for the NEXT Hotel Brisbane and an adjoining retail complex.
Formerly known as SB&G Group, Salter Brothers is a Melbourne-based fund manager which owns a $1 billion portfolio of hotels in the United States of America and Australia.
Its purchase of the NEXT Hotel Brisbane from Challenger marks Salter’s maiden investment in the city.
Formerly known as Lennons Hill Brisbane, the property includes a 304-suite hotel graded 4.5 star. It is managed by NEXT Story Group a division of Singapore hospitality giant Silverneedle.
Salter Brother’s purchase includes a 2000 square metre retail complex, part of which has frontage to the busy Queen Street Mall.
JLL marketed the Brisbane site at 72 Queen Street off-market for Challenger, which paid $133 million for it in 2015.
Vice president of the agency’s Hotel & Hospitality Group, Tom Gibson, said the complex is primed for growth with its close proximity to the $3.6 billion Queens Wharf Casino, the $2 billion Brisbane Live entertainment precinct and the recently opened $200 million Howard Smith Wharves Project.
Mr Gibson marketed the hotel with veteran colleague Simon Rooney, who made the surprise announcement this week to resign from JLL after 25 years.
Other hotel brands to commit to Brisbane facilities recently include Callie James Street, Emporium South Bank, W Brisbane and Westin Brisbane.
Earlier this month we reported that the Hyatt brand was returning to the city after a seven year hiatus.
Last November, Legend Land, a division of Singapore-based Worldwide Hotels, paid a reported $100 million for the Brisbane ibis Styles Hotel at 40 Elizabeth Street.