CDL expands hospitality footprint in Australia with Sofitel acquisition

The company will acquire the property for $159.2m.

City Developments Limited (CDL) will acquire the Sofitel Brisbane Central Hotel in Australia from Brookfield Asset Management for $159.2m (A$177.7m).

The purchase price translates to $383,0001 (A$427,000) per key.

CDL’s acquisition of the five-star luxury hotel will mark its entry into Brisbane’s hospitality sector. The hotel will also be the group’s third hotel in Australia.

The company expects to complete its acquisition of the property in the second half of the year. Accor Group will still manage Sofitel Brisbane Central under its Sofitel brand following the acquisition.

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