Australian-owned fund manager Salter Brothers is expanding its portfolio of luxury retreat assets with the acquisition of the Bannisters portfolio in New South Wales.
The collection of three boutique resorts includes Mollymook properties Bannisters by the Sea, at 34 rooms, and Bannisters Pavilion, with 33 rooms, as well as Bannisters Port Stephens, a 78-room property in Port Stephens.
Salter Brothers Hospitality will assume management of these hotels with the support of an existing skilled team of 150 full-time staff members.
“We are pleased to have secured the Bannisters portfolio as a valuable addition to our Hotel Retreat portfolio,” said Salter Brothers Managing Director, Paul Salter.
“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.”
Bannisters Hotels CEO, Alice O’Hara, said she looks forward to seeing the brand growth under new management.
“Bannisters has become an icon of Australian boutique hotels, and I’m thrilled to see our brand’s growth under Salter Brothers Hospitality,” said 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.”
The acquisition is expected to be completed by the end of this year.
Salter Brothers is now the second largest hotel owner in Australasia, managing a portfolio of over 4000 rooms across 41 hotels, with group assets under management of over AU$4 billion.
Paul Salter thanked advisors MinterEllison, Napier and Blakeley and EY for assisting on the transaction, alongside Savills for the vendor.