Salter Brothers acquires Spicers Retreats
Salter Brothers is pleased to announce the acquisition of the Spicers Retreats business, including the Spicers brand and six of the ten Spicers Retreats located in Queensland and New South Wales.
The acquired portfolio of award-winning freehold retreat assets includes Spicers Clovelly Estate, Spicers Tamarind Retreat and Spicers Peak Lodge in Queensland, Spicers Guesthouse and Spicers Vineyards Estate in the Hunter Valley and Spicers Sangoma Retreat in the Blue Mountains. In total there is 127 rooms throughout the acquired portfolio. All retreats are within a two-hour drive of Sydney or Brisbane. The Private Collection by Spicers business is also included in the acquisition.
Paul Salter, Managing Director of Salter Brothers said “This is an exciting acquisition and a great fit for our strategy to acquire unrepeatable assets in amazing locations, targeting the luxury retreat market, which continues to grow globally. We know Australians love to take short breaks at home and regional areas are leading the charge, with domestic occupancy rates well above pre-pandemic levels.”
“The Spicers Retreat brand is well-established and we are proud to continue Jude Turner’s vision for personalised ‘relaxed luxury’ experiences. Salter Brothers also shares Spicers passion for the environment and will continue their vision to become Australia’s most sustainable organisation.”
“In delivering these experiences across the entire Spicers portfolio we will manage for the Turner family the two urban retreat assets, Spicers Potts Point and Spicers Balfour Hotel, as well as Spicers Hidden Vale and Spicers Scenic Rim Trail in Queensland along with the recently renovated Spicers Tower Lodge, which is owned by the Hope family.”
“I would like to thank our advisors MinterEllison, EY, Napier and Blakely and Turner Family Office advisors McVay Real Estate, Luminis Partners and McCullough Robertson for assisting in the transaction” he concluded.
Jude Turner, founder of Spicers Retreats, said, “Spicers Retreats has been a labour of love for me, and everyone involved, for over 20 years. I’m pleased to see it going into the hands of someone equally passionate about Australian experiential stays.”
The acquisition is expected to complete in quarter one of 2023.