Salter Brothers completes the acquisition of $620m Travelodge hotel portfolio
Salter Brothers is pleased to confirm the settlement of their $620m Travelodge hotel portfolio located across Sydney, Melbourne, Brisbane, Perth and Newcastle. Following the company’s announcement in March 2022 that the hotels would be rebranded to ibis Styles and Mercure hotels under a management agreement with Accor, which includes an industry-leading link to ESG outcomes, Salter Brothers is working together with Accor to progressively open the rebranded hotels from 4 July 2022.
Paul Salter, Managing Director of Salter Brothers said “The timing of settlement means we’re extremely well placed to capitalise on the market recovery which is now well underway, with occupancy rates in Sydney, Brisbane and Melbourne returning to over 60% and business and leisure travel forecast to steadily increase into 2023.”
“With energy costs rising, the importance of ESG hotel benchmarks is now more important than ever and we’re looking forward to establishing these targets with Accor as they move into full operation with the portfolio.”
“On behalf of the firm, I would like to thank Mirvac and NRMA, our advisors Minter Ellison, Credit Suisse and McVay Real Estate for assisting in the transaction. We also appreciate TFE working with us during the transition period” he concluded.
Salter Brothers now has a portfolio of 4744 rooms across 20 hotels, making it one of the largest hotel owners in Australia.