Salter Brothers pick up another boutique hotel portfolio
Salter Brothers has purchased five boutique hotels in the Blue Mountains and Hunter Valley from operator the Escarpment Group.
On significant sites with development upside, the portfolio, with 237 suites, is speculated to be setting the Melbourne based fund manager back c$115 million.
More than 125 rooms will be within a two hour drive of Sydney or Brisbane.
The deal comes six weeks since Salter paid a speculated $20m for the Milton Park Country Hotel and Spa in Bowral.
Last year, meanwhile, the group snapped up six of 10 freeholds and eight leaseholds to Spicers Retreats branded assets, in New South Wales and Queensland, for a rumoured $130m.
Following settlement of the Escarpment properties, Salter will, since establishing in 2015, control over 5000 rooms in 36 venues; it recently outlaid $150m for the Adelaide Sofitel – that city’s first 5-star hotel in 33 years.
“These boutique hotels will complement our growing portfolio for this strategy and the assets present significant opportunities as part of our broader platform,” Salter managing director, Paul Salter, said about the Escarpment purchase.
“The five boutique hotels and estates are unique to the Blue Mountains and the Hunter Valley regions of New South Wales and provide an immersive journey through Australia’s most visited tourism destinations,” he added (story continues below).
Escarpment Group portfolio
Escarpment Group is headed by husband and wife Huong Nguyen and George Saad.
The portfolio includes the Lilianfels Resort & Spa, with 89 rooms, Hydro Majestic Hotel (84), Echoes Hotel (14), Parklands Country Gardens & Lodges (pictured, top, with 31 rooms) and the Convent Hunter Valley (19).
Some of the venues accommodate high end restaurants including Darley’s (at Lilianfels) and Circa 1876 (Convent Hunter Valley).
“We have been investing and operating in the Blue Mountains since 2004, so it was important for us to find a group that understands regional tourism and appreciates how unique the properties are,” Ms Huong and Mr Saad said.
“We look forward to seeing our legacy continue and to assisting Salter Brothers to achieve their goals at the properties,” they added.
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