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SB&G Hotel to buy 2 Watermark-branded hotels in Australia

SB&G Hotel Group said it will acquire two Watermark-branded hotels in Australia from Japanese travel company HIS Co. Ltd., in a deal that the Australian Financial Review believes to be worth upwards of A$100 million.

The properties comprise a hotel in the Gold Coast and another in Brisbane, offering 388 and 94 rooms, respectively, according to a release.

SB&G Managing Director Paul Salter said the properties, slated to change hands before June 30, will maintain operations under the Watermark brand, with the group choosing one of the global hotel brands to operate one or both of the hotels in the future.

Separately, the March 7 article noted that the seller's attempt to sell the two hotels in an about A$110 million off-market deal fell through in 2017. The hotel fund, which has a stated target of A$1 billion of assets, previously said it may opt for a flotation once the benchmark is achieved.