MinterEllison has advised Salter Brothers on their latest hotel acquisition, the Sofitel Adelaide. The five-star hotel, located in the centre of Adelaide, was purchased from the Palumbo family for $154 million setting a new benchmark for the Adelaide market.
Sofitel Adelaide has 251 rooms and suites, and is managed by Accor (Australia’s largest hotel operator).
Salter Brothers is an Australian-owned global fund manager with assets under management in excess of $3 billion, across multiple funds, and includes a hotel platform comprising more than 5000 keys across 36 properties. The group is one of the largest hotel property owners in the Asia Pacific.
Sofitel Adelaide is the first asset acquired in Salter Brothers’ Core Hospitality Real Estate Fund and the first South Australian property in their portfolio. The new core fund focuses on acquiring newer upscale and luxury hotels that are well-positioned for broad-based demand across corporate, leisure, domestic and international segments.
MinterEllison M&A partner Joseph Pace and Real Estate and Hospitality Partner Alice Langham worked on this latest acquisition and led a team of lawyers across all aspects of the investment including fund formation, corporate and M&A, real estate, tax and finance.
Commenting on this recent acquisition, Joseph Pace said, “We congratulate the team at Salter Brothers in achieving this new benchmark in luxury hotel offerings. It is our absolute honour and pleasure at MinterEllison to continue to work with market and industry leaders such as Salter Brothers, building upon our longstanding relationship with the Salter Brothers team.”
“We are very proud of the investments we have advised on with the Salter Brothers team, including the Travelodge portfolio, a collection of luxury boutique hotels including the Escarpment Group and Spicers Retreat portfolios amongst many others,” he added.
“We have acted for Salter Brothers from the inception of their first fund and look forward to working with the team as they expand their global luxury hotel and property portfolio,” said MinterEllison partner Alice Langham.
