Salter buys three NSW venues
Salter Brothers has grown its portfolio with three more New South Wales venues.
The c$100 million deal from Peter Cosgrove Bannisters brings to 16 assets held in the Salter Hospitality Retreat Fund.
The incoming owner via Salter Brothers Hospitality will take over management.
“We are pleased to have secured the Bannisters portfolio as a valuable addition to our [fund] portfolio,” managing director, Paul Salter, said.
“The current supply of new hotel accommodation is being hampered by rising construction costs, particularly for luxury venues in regional locations,” he added.
“These distinct assets positioned in unrepeatable ocean view settings…boast a reputation of consistently achieving high occupancy levels,” according to the executive.
EY, MinterEllison, Napier and Blakeley and Savills assisted Salter, which is considering floating a $2 billion portfolio of IHG operated hotels including in Melbourne, the Crowne Plaza.
The assets
Two of three Bannisters assets are in Mollymook – Bannisters by the Sea, with 34 rooms, and Bannisters Pavilion, with 33 suites (story continues below).
The third asset, Bannisters Port Stephens, with 78 rooms, was co-owned with real estate agents from Sydney’s Richardson & Welch – Chris Herbert and Neill Chang.
Blended occupancy is over 90 per cent.
A hotel in each location includes space occupied by a restaurant run by celebrity UK chef Rick Stein,
Mr Cosgrove formerly chaired HT&E, now ARN Media.
The HRF also holds a portfolio of Spicer branded assets Salter bought for $130m in 2022 from Flight Centre co-founder Graham Turner and his wife, Judy.
Over $100m total Include restaurants operated by UK chef Rick Stein. Pub components too.
This asset co-held with Sydney estate agent Cheis Herbert and Neill Chang, of Richardsn & Wrench.
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