Paul and Robert Salter have acquired Brisbane’s Next Hotel and associated retail space on Queen Street Mall for $150 million.
The Salter Brothers latest acquisition the 304-room Next property brings their hotel portfolio to more than 2400 rooms worth an estimated $1 billion, including seven hotels across Sydney, Melbourne, Canberra, Brisbane and the Gold Coast.
The hotel opened in 2014 as Lennons Hotel Brisbane before being snapped up by Singapore’s Next Story Group who spent $50 million on refurbishing it.
Robert Salter said the timing was good, as he expected the Brisbane hotel market to continue to recover over the next few years as the new supply is absorbed.
“This property will provide Salter Brothers Hotel Group with long-term exposure to the improving Brisbane hotel market, underpinned by secure leases to high quality tenants, delivering an attractive initial yield and ongoing steady cashflows,” he said.