Brookfield Offers Five Australia East Coast Hotels for Sale
Brookfield Asset Management Inc. (BAM), which last year took over Thakral Holdings Group in Australia, has put up for sale five of the hotels it acquired as part of that transaction.
The Canadian company, which has more than $175 billion under management, is seeking expressions of interest by July 19, according to an e-mailed sale document from broker Jones Lang LaSalle Inc. (JLL), which is handling the sale along with HSBC Holdings Plc. The hotels are being offered all together or separately, with or without their existing management teams, according to the document.
Brookfield, a Toronto-based asset manager, took over Sydney-based Thakral last year to gain ownership of a development site in Sydney and its offices and apartments on Australia’s east coast. Brookfield, which has focused on office and retail property, in April spun off the $48 billion Brookfield Property Partners LP (BPY-U), to pursue purchases in other areas.
Brookfield is offering for sale two Sofitel hotels in Brisbane and the Gold Coast in Queensland state, two Novotel hotels in Brighton Beach and Wollongong in New South Wales state and the Hilton on the Park in Melbourne. All are rated 4.5 stars or above, according to the document.
The document didn’t disclose the value of the hotels. Peter Harper, senior vice president for investment sales at Jones Lang LaSalle, didn’t immediately respond to a voice-mail message seeking comment.
Brookfield could also seek to sell as much as A$700 million ($662 million)) of offices in Australia, and has drawn interest from Cromwell Property Group (CMW), the Australian Financial Review said in its Street Talk column today, without saying where it got the information. Cromwell Chief Executive Officer Paul Weightman didn’t immediately respond to a voice-mail message seeking comment.
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