Sofitel Adelaide Hotel acquired for record price

Salter Brothers has acquired the Sofitel Adelaide Hotel for a record price of approximately $154 million.

The Currie Street CBD hotel is part of a 32-storey mixed use tower with two flexible retail tenancies.

The 251-key hotel is the first internationally branded five-star hotel to be built in Adelaide in 30 years, with the sale negotiated by CBRE Hotels and Savills on behalf of South Australian development and construction firm Palumbo Group.

“The sale of the Sofitel Adelaide represents Adelaide’s most significant single asset hotel transaction and has reset the benchmark for the Adelaide luxury hotel market with a record price per key achieved for a CBD asset,” CBRE Hotels Managing Director Michael Simpson said.

The purchase comes amid enormous public and private investment in Adelaide.

“We have seen considerable investment activity for the first half of 2023, with the Sofitel Adelaide sale joining a raft of other major institutional transactions we have been involved in, including the Waldorf Astoria Sydney, Novotel & Ibis Melbourne Central and the Sofitel Brisbane, which together exceed $1.2 billion,” Simpson said.

Sofitel Adelaide offers luxury guest experiences that attracts high level guests.