Salter Brother acquires Bannisters portfolio in Australia

NEW SOUTH WALES, Australia — Melbourne, Australia-based investment manager Salter Brothers has acquired the portfolio of Bannisters, which consists of three boutique hotels in New South Wales, Australia, for an undisclosed amount.

The properties are the 34-key Bannisters by the Sea, the 33-key Bannisters Pavilion in Mollymook, NSW and the 78-key Bannisters Port Stephens in Port Stephens, New South Wales. Salter Brothers Hospitality will manage the hotels.

“We are pleased to have secured the Bannisters portfolio as a valuable addition to our Hotel Retreat portfolio,” said Paul Salter, managing director of Salter Brothers. “The current supply of new hotel accommodation is being hampered by rising construction costs, particularly for luxury venues in regional locations. These are distinct assets positioned in unrepeatable ocean view settings and boast a reputation of consistently achieving high occupancy levels.”

The acquisition is expected to be completed by the end of this year.

“Bannisters has become an icon of Australian boutique hotels, and I’m thrilled to see our brand’s growth under Salter Brothers Hospitality,” said Bannisters Hotels CEO Alice O’Hara. “There are exciting opportunities ahead, and we are united in our commitment to exceptional hospitality. When our guests return, they’ll be greeted by the familiar faces and unforgettable experiences they love.”

Salter Brothers is Australia’s second-largest hotel owner, with a portfolio of 41 hotels and over 4,000 rooms. The company has over AU$4 billion of assets under management.

Earlier this year, Salter Brothers partnered with Tokyo-based TC Hotels & Resorts Beppu Corporation (TCH&R-B), a wholly owned subsidiary of Tokyo Century Corp., to acquire hotels in Japan. The pair will pursue both new and existing assets, and Salter Brothers will begin acquiring the 89-key ANA InterContinental Beppu Resort & Spa luxury resort in southern Japan.

In September, Rahul Ghai, Salter Brothers’ first Asia head, told Hotel Investment Today that the company is in discussions for a joint venture with a domestic ryokan operator, which, if successful, would jumpstart its aim to further expand in the space in Japan. Simultaneously, it is actively working on transactions in the mid-market sector and hopes to announce a few closings in the coming months.