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Salter Brothers has topped up its $2.5 billion hotel portfolio through the acquisition of three NSW properties in the Bannisters portfolio amid rumours that the Sydney-based investment group could be eyeing an ASX listing for its hospitality assets.
The Bannisters properties comprise Bannisters by the Sea and Bannisters Pavilion, both located at Mollymook on the South Coast, and Bannisters Port Stephens.
The properties add a total of 145 rooms to the Salter Brothers portfolio, taking it to more than 5,000 rooms across 39 properties, including two in the US and one in Japan.
“We are pleased to have secured the Bannisters portfolio as a valuable addition to our Hotel Retreat portfolio,” says Paul Salter, the managing director of Salter Brothers.
“The current supply of new hotel accommodation is being hampered by rising construction costs, particularly for luxury venues in regional locations.
“These are distinct assets positioned in unrepeatable ocean view settings and boast a reputation of consistently achieving high occupancy levels.”
While the purchase price has not been disclosed, the deal follows Salter Brothers’ acquisition of Kingsford Barossa in October last year and the $154 million deal for Sofitel Adelaide announced in July last year.
The Kingsford Barossa has since been rebranded as the first of Salter’s new Ardour Hotels & Estates chain and is among 17 properties in the luxury retreats portfolio.
Management of the three Bannisters hotels will be undertaken by Salter Brothers Hospitality, supported by the existing team of 150 full-time staff members.
Salter Brothers, which was founded in 2014 by brothers Paul and Rob Salter following extensive careers in financial services, currently manages an investment portfolio of more than $4 billion that includes private equity investments and residential and commercial properties.
The company has been mooted to be seeking out a potential ASX listing for its hotels division which includes a suite of luxury retreats under the Spicers brand.
Salter Brothers is also the largest owner of InterContinental Hotel Group (IHG) properties in Australia, with six hotels in its portfolio managed by IHG including the InterContinental Melbourne The Rialto, the Holiday Inn at Potts Point in Sydney, Voco on the Gold Coast, and three Crowne Plazas in Coogee, Canberra and Melbourne.
A report from CBRE last month listed Salter Brothers as Australia’s second-largest hotel operator behind Harry Triguboff’s Meriton group which it estimates manages 6,204 rooms.
The Salter Brothers portfolio is worth about $2.5 billion, a figure that was bolstered by the $620 million acquisition of 11 hotels from Mirvac and NRMA in 2021.
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