Salter Brothers acquires iconic Bannisters luxury retreat hotels
Press Release | October 08, 2024
Salter Brothers is delighted to announce the acquisition of the Bannisters portfolio, a collection of iconic boutique hotels located in New South Wales, Australia.
The Bannisters portfolio comprises three unique hotels that provide a luxury experience along with breathtaking waterfront views. The acclaimed resorts include Bannisters by the Sea (34 guest rooms) and Bannisters Pavilion (33 guest rooms), both based in Mollymook, New South Wales as well as Bannisters Port Stephens (78 guest rooms) based in Port Stephens, New South Wales.
The management of these hotels will be undertaken by Salter Brothers Hospitality with the support of an existing skilled team of 150 full-time staff members.
In response to the acquisition, Paul Salter, Managing Director of Salter Brothers, stated, “We are pleased to have secured the Bannisters portfolio as a valuable addition to our Hotel Retreat portfolio. The current supply of new hotel accommodation is being hampered by rising construction costs, particularly for luxury venues in regional locations. These are distinct assets positioned in unrepeatable ocean view settings and boast a reputation of consistently achieving high occupancy levels.”
“I would like to thank our advisors MinterEllison, Napier and Blakeley and EY for assisting on the transaction, alongside Savills for the vendor.”
Alice O’Hara, CEO, of Bannisters Hotels added “Bannisters has become an icon of Australian boutique hotels, and I’m thrilled to see our brand’s growth under Salter Brothers Hospitality. There are exciting opportunities ahead, and we are united in our commitment to exceptional hospitality. When our guests return, they’ll be greeted by the familiar faces and unforgettable experiences they love.”
The acquisition is expected to be completed by the end of this year.