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Salter Brothers multimillion dollar aquisition of Sofitel Adelaide Hotel

Sale of the award-winning 251-key Sofitel Adelaide Hotel sets benchmark for the Adelaide luxury hotel market with a record price achieved

CBRE Hotels together with Savills negotiated the sale of the 251-key hotel for approximately $154,000,000 on behalf of South Australian development and construction firm Palumbo Group.

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CBRE Hotels Managing Director Michael Simpson said: “The sale of the Sofitel Adelaide represents Adelaide’s most significant single asset hotel transaction.

“The developers, who were the vendors in this transaction, literally poured their heart and soul into delivering what is arguably the best internationally branded luxury hotel in Adelaide.

“The sale of the Sofitel Adelaide has reset the benchmark for the Adelaide luxury hotel market with a record price per key achieved for a CBD asset.”

Sofitel Adelaide Lobby

The much-anticipated opening of Sofitel Adelaide in September 2021 marked the luxury brand’s debut in South Australia. It’s also the first internationally recognised five-star hotel to be built in Adelaide in 30 years.

At the time, then Accor Pacific CEO, Simon McGrath, said: “Distinguished by its bursting calendar of cultural events and flourishing passions for gastronomy, fine wine, music, fashion and design, Adelaide is an ideal destination for our Sofitel brand. The hotel’s design reflects the distinct sense of style and sophistication of Sofitel. Sofitel Adelaide is one of our biggest hotel openings of 2021 and its level of luxury and onsite amenities will ensure it’s one of Adelaide’s most illustrious new destinations.”

Read more about Sofitel Adelaide Hotel HERE

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