One of Adelaide’s biggest 2023 sales, the Sofitel Hotel, has been settled. The hotel was developed and built in 2021 by the Palumbo Group, a family owned construction company that has been working on South Australian projects for more than a quarter of a century.
The site was bought in two parcels for a total of $4.48 million between August 2006 and June 2012. The hotel was bought by the Salter Brothers Core Hospitality Real Estate Fund, which focuses on the acquisition of newer upscale and luxury hotels and is backed by The Government of Singapore Investment Corporation. The sale, at just shy of $150 million, was handled by CBRE - Hotels and Savills Hotels.
The Sofitel Hotel is part of the Luminesque Apartments Building, a 35-storey, mixed-use building with the hotel on levels ground to 24. It comprises 251 rooms, an indoor pool, gym, restaurant and bar, Garcon Bleu and Club Millesim. It opened on 4 November 2021 and is operated by the Accor Group.