CDL has sold the Novotel Brisbane off-market through JLL Hotels to Amora
296-key Novotel Brisbane bought by Amora Hotels & Resorts
Currently leased until early 2021 at which time it will be rebranded and owner operated by Amora
Brokered off-market by JLL Hotels for $67.9m
CDL Hospitality Trusts has sold the Novotel Brisbane to Amora Hotels & Resorts for $67.9 million.
The Novotel Brisbane features 296 guest rooms, full-service restaurant and bar, café, ballroom and function rooms, 70 car parking bays, an outdoor swimming pool and gymnasium. The Property is currently leased until early 2021 at which time it will be rebranded and owner operated by Amora Hotels & Resorts.
Mr Vincent Yeo, Chief Executive Officer of CDLHT’s managers, said, “As part of our proactive asset management strategy, the divestment of Novotel Brisbane allows us to recycle capital to maximise long-term value for Stapled Securityholders.” CDLHT’s managers intend to utilise the proceeds from the divestment mainly to repay existing borrowings, which will further strengthen CDLHT’s balance sheet and enhance its financial flexibility through increased debt headroom, or fund acquisitions if suitable opportunities arise.
Raja David, Director/Owner Representative, Amora Hotels & Resorts, said “We are absolutely delighted to enter the Brisbane market through the acquisition of such a well-known hotel. This property will perfectly complement our existing portfolio and help to further accommodate the needs of our loyal guests. We are now looking forward to the rebranding and exploring further expansion opportunities for our Australian network.”
The transaction was brokered off-market by JLL Hotels & Hospitality Group.