Australian-owned global fund manager Salter Brothers is growing its luxury hotel portfolio with the acquisition of Escarpment Group’s five boutique properties in NSW.
The portfolio, totalling 237 rooms, includes hotels and estates located across tourism hotspots the Blue Mountains and Hunter Valley regions.
Lilianfels Resort and Spa (89 rooms), The Hydro Majestic Hotel (84 rooms), Echoes Boutique Hotel (14 rooms), Parklands Country Gardens and Lodges (31 rooms) and The Convent Hunter Valley (19 rooms) will all join Salter Brothers under this deal.
“We are delighted to add to the Salter Brothers’ strategy of acquiring luxury assets in unrepeatable locations,” said Salter Brothers, Managing Director, Paul Salter.
“These boutique hotels and estates will complement our growing portfolio for this strategy and the assets present significant opportunities as part of our broader platform.”
Each property includes significant landholdings as well as hatted restaurants such as Darley’s Restaurant at Lilianfels Resort and Spa and Circa 1876 at The Convent Hunter Valley.
“We have been investing and operating in the Blue Mountains since 2004, so it was important for us to find a group that understands regional tourism and appreciates how unique the properties are,” Escarpment Group Founders Huong Nguyen and George Saad said in a statement.
“We look forward to seeing our legacy continue and to assisting Salter Brothers to achieve their goals at the properties.”
Salter Brother has been rapidly growing its hotel portfolio since establishing this arm of the business in December 2015. Most recently, the business acquired Spicers Retreats and Lodges and the Milton Park Country Hotel and Spa. Following completion of this acquisition, the number of properties under its management will increase to 36.
Salter thanked advisors MinterEllison, Ernst and Young, Napier and Blakely and Ethos Urban for assisting in the transaction.