Salter Brothers completes the acquisition of Sofitel Adelaide
Press Release | December 08, 2023
Salter Brothers is pleased to confirm the settlement of their $154m acquisition of the Sofitel Adelaide. The luxury hotel on Currie Street, which opened in 2021, is managed by Accor and consists of 251 guestrooms and suites, Garcon Bleu restaurant, two bars, as well as extensive leisure facilities and meeting spaces.
The hotel is Salter Brothers’ first asset acquired in Salter Brothers’ Core Hospitality Real Estate Fund. The fund is focused on newer upscale and luxury hotels that appeal to a broad range of segments and require minimal or zero front-end capital expenditure.
Speaking about the settlement, Paul Salter, Managing Director of Salter Brothers, said “We are delighted to expand and strengthen our ongoing relationship with Accor.”
“We now have two luxury lifestyle properties in South Australia (including the recently acquired Kingsford The Barossa). Leisure travel is forecast to steadily increase in 2024, with events such as LIV Golf Adelaide virtually sold out, so we are very excited about the region as a destination.”