Salter Brothers enters Brisbane with $150m NEXT Hotel buy

Salter Brothers is paying $150 million for the NEXT Hotel Brisbane and an adjoining retail complex.

Formerly known as SB&G Group, the Melbourne-based fund manager owns a $1 billion-plus portfolio of guesthouses in the United States and Australia.

Its latest purchase, from Challenger which paid $133m in 2015, is Salter’s first in the Queensland capital.

Once known as Lennons Hill Brisbane, the inn contains 304 suites and is graded 4.5 star.

Manager NEXT Story Group is a division of Singapore hospitality giant Silverneedle.

Salter Brothers’ purchase includes a 2000 square metre retail complex, part of which fronts Queen Street Mall (story continues below).

NEXT Hotel Brisbane at 72 Queen Street.

JLL Hotel & Hospitality Group vice president Tom Gibson, said the complex is close to the $3.6b Queens Wharf Casino, the $2b Brisbane Live entertainment precinct and the recently opened $200m Howard Smith Wharves Project.

Colleague Simon Rooney, who recently resigned from JLL after 25 years for CBRE, was co-agent.

Other hotel brands to arrive in the city 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 seven years.

Last November, Legend Land, a division of Singapore-based Worldwide Hotels, paid a reported $100m for Brisbane’s ibis Styles Hotel at 40 Elizabeth St.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco