The hotel tycoons who established the SB&G Hotel Group investment platform bought the 304-room Next Hotel in Brisbane, Australia, from Challenger for A$150 million, The Australian Financial Review reported.

The acquisition of the Next Story Group-operated hotel, which is slated to complete by July-end, will allow the buyers to take the next step to list a A$1 billion hotel trust on the Australian stock exchange, according to the publication.

In addition to the JLL Hotels-brokered off-market transaction, the brothers Paul and Robert Salter also intend to raise between A$120 million and A$150 million later in 2019 as part of the preparations for the planned IPO, the May 21 report added.