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SB & G Hotel Group edging closer to its $1 billion portfolio target

Property Markets / Transactions

Australia

Mar 09 2018

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SB & G Hotel Group, backed by Atlas Capital, has bought the Gold Coast and Brisbane Watermark hotels, in a deal worth more than $100 million.

The purchase of the 388 and 94 room hotels from Japanese travel company HIS International following a failed off-market deal last year, brings the group’s portfolio close to its $1 billion pre-float target.

Its existing portfolio includes IHG hotels bought from Eureka Funds management for $480 million in 2015 and the flagship Intercontinental Melbourne on Collins Street, along with the Crowne Plaza Melbourne, Crowne Plaza Coogee, Crowne Plaza Canberra and Holiday Inn Potts Point, and a mixed-use development site at Potts Point.

While the hotels will remain Watermarks in the short term, a group spokesperson has flagged the group’s intention to select one of its global hotel brands moving forward.

Completion of the sale is expected before June 30.

 

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