Australian-owned fund supervisor Salter Brothers is increasing its portfolio of luxurious retreat belongings with the acquisition of the Bannisters portfolio in New South Wales.
The gathering of three boutique resorts consists of Mollymook properties Bannisters by the Sea, at 34 rooms, and Bannisters Pavilion, with 33 rooms, in addition to Bannisters Port Stephens, a 78-room property in Port Stephens.
Salter Brothers Hospitality will assume administration of those accommodations with the help of an current expert crew of 150 full-time workers members.
“We’re happy to have secured the Bannisters portfolio as a worthwhile addition to our Lodge Retreat portfolio,” stated Salter Brothers Managing Director, Paul Salter.
“The present provide of latest resort lodging is being hampered by rising building prices, significantly for luxurious venues in regional places.
“These are distinct belongings positioned in unrepeatable ocean view settings and boast a popularity of constantly reaching excessive occupancy ranges.”
Bannisters Inns CEO, Alice O’Hara, stated she appears to be like ahead to seeing the model development below new administration.
“Bannisters has turn into an icon of Australian boutique accommodations, and I’m thrilled to see our model’s development below Salter Brothers Hospitality,” stated O’Hara.
“There are thrilling alternatives forward, and we’re united in our dedication to distinctive hospitality.
“When our friends return, they’ll be greeted by the acquainted faces and unforgettable experiences they love.”
The acquisition is predicted to be accomplished by the tip of this yr.
Salter Brothers is now the second largest resort proprietor in Australasia, managing a portfolio of over 4000 rooms throughout 41 accommodations, with group belongings below administration of over AU$4 billion.
Paul Salter thanked advisors MinterEllison, Napier and Blakeley and EY for helping on the transaction, alongside Savills for the seller.
