Business Don't miss out on the headlines from Business. Followed categories will be added to My News. Funds management and advisory house Salter Brothers is pushing ahead with an ASX listing of its hotel portfolio valued at up to $2bn, as it continues to bulk up its holdings within Australia and offshore, sources say.
Salter Brothers is a significant player in the domestic hotel market. While billionaire Harry Triguboff this month emerged as Australia’s No.1 hotel owner , he was closely followed by Melbourne-based firm Salter Brothers, as CBRE data showed their portfolios included 6204 and 4921 hotel rooms, respectively.
About six property funds sit within Salter Brothers’ stable. Its Australian hotel fund houses assets including The Rialto InterContinental in Melbourne, and in Sydney, the Holiday Inn in Potts Point and the Crowne Plaza in Coogee. Salter Brothers’ internal equity capital markets advisory team is understood to be working on plans for the initial public offering of the hotel assets, and sources said it was unclear if external investment banks had been tapped to assist.
The plans are thought to focus on an ASX listing over the short to medium term, and the amount of capital to be raised is yet to be determined. An ASX listing by Salter Brothers of some or all of its hotel assets would provide a liquidity event for existing investors seeking to exit or sell down their holdings. Over the longer term, the firm could also consider listing other assets or the p.