Salter Brothers expected to list hotel portfolio on the ASX
Salter Brothers is moving forward with plans to list its hotel portfolio on the ASX in the short to medium term, but the exact capital to be raised has yet to be determined.
The funds management and advisory firm is one of the major players in the Australian hospitality scene and a prominent figure in Australia's hotel sector. It has assets valued at up to A$2 billion.
Sources told The Australian, the company is expanding its holdings both in Australia and internationally.
Currently, according to CBRE billionaire Harry Triguboff holds the top spot as the country’s largest hotel owner, with 6,204 rooms. However, Salter Brothers is close behind, managing a portfolio of 4,921 rooms.
The firm manages around six property funds, including its Australian hotel fund, which features significant assets such as The Rialto InterContinental in Melbourne and Sydney's Holiday Inn Potts Point and Crowne Plaza Coogee.
Salter Brothers' internal equity capital markets advisory team is reportedly working on the initial public offering (IPO) of its hotel assets. It remains unclear if external investment banks are involved.
Salter Brothers believes an ASX listing would offer liquidity to existing investors wishing to exit or reduce their holdings.
Over time, Salter Brothers may also consider listing other assets or potentially the parent company itself, sources told The Australian.
Salter Brothers declined to comment.
Jonathan Jackson, 26th September 2024
