Millennium & Copthorne Hotels (MCK) and its parent company, Millennium & Copthorne Hotels Limited (M&C), have announced the completion of their acquisition of the Sofitel Brisbane Central hotel in Australia.
The acquisition was made through a 50:50 joint venture and the purchase price was A$177.7 million.
MCK used its existing financial cash resources and bank funding facilities of NZ$20 million to complete its share of the acquisition.
The company expects the acquisition to have a minimal impact on its overall revenue and profit for 2023, as it will not receive significant contributions from the hotel's operations before the end of the year.
MCK's managing director, Stuart Harrison, highlighted the strong performance of the Sofitel Brisbane Central hotel in 2023, especially in its key corporate and leisure market segments.
He sees the acquisition as a critical step forward in MCK's "Revive" strategy and expects it to enhance the company's overall results next year.
The hotel will continue to be managed by the Accor Group as a Sofitel hotel, and MCK's management will work with the hotel's manager to determine any refurbishment plans or enhancements that can be made to the property.
Sofitel Brisbane Central is a 5-star landmark hotel located in the heart of Brisbane CBD, with 416 rooms and suites, six restaurants, bars, and lounges, and extensive meeting and conference facilities.See more