Salter Brothers has acquired a A$154m (€95m) hotel in South Australia for its hospitality real estate fund.

The five-star Sofitel Adelaide hotel, acquired from Palumbo Group, is the first asset bought for the Core Hospitality Real Estate Fund, which is focused on the acquisition of “newer upscale and luxury hotels with minimal to no front-end capital expenditure requirements”.

Paul Salter, managing director of Salter Brothers, said: “We’re excited about Salter Brothers’ first foray into the South Australian market, which has proven to be a premium events, business and tourism destination.

“Adelaide accommodation has had an incredibly strong 2023, off the back of a series of amazing sporting events and festivals.”

Sofitel Adelaide, which opened in 2021, is managed by Accor.

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