Salter Brothers acquires first hotel in South Australia for $154m – Sofitel Adelaide

Salter Brothers is delighted to announce the purchase of the five star Sofitel Adelaide for $154m, located on Currie Street in Adelaide’s city centre. The hotel is the first asset acquired in Salter Brothers’ Core Hospitality Real Estate Fund (Fund). The Fund focuses on the acquisition of newer upscale and luxury hotels with minimal to no front-end capital expenditure requirements, which are well positioned for broad-based demand across corporate, leisure, domestic and international segments.

Managed by Accor, Sofitel Adelaide opened in 2021 and consists of 251 guestrooms and suites, Garcon Bleu restaurant, two bars, an indoor swimming pool, fitness centre and health club, a variety of meeting spaces and an executive lounge, Club Millésime.

Sarah Derry, CEO Accor Pacific, said: “We are delighted to extend our partnership with Salter Brothers and the continued strengthening of Accor’s relationship with such a dynamic and successful group. We share a vision and commitment to delivering exceptional experiences for our guests and I look forward to the ongoing success of our collaboration.”

Paul Salter, Managing Director of Salter Brothers said: “We’re excited about Salter Brothers’ first foray into the South Australian market, which has proven to be a premium events, business and tourism destination. Adelaide accommodation has had an incredibly strong 2023, off the back of a series of amazing sporting events and festivals.”

“Sofitel Adelaide is a luxury hotel with a globally celebrated brand and we will continue to provide a unique guest experience for Australian and international travellers to the city. On behalf of the firm, I would like to thank our advisors, MinterEllison, Ernst Young, CDC Property Consultancy, Nett Zero, Rider Levett Bucknall and Ethos Urban for assisting in the transaction.”