The latest purchase by the Australian private equity business follows on from the acquisition of the Milton Park Country House Hotel and Spa in Bowral, in the New South Wales Southern Highlands in April and the purchase of six of the ten Spicers Retreats in NSW and Queensland at the end of 2022.
The Escarpment Group’s Blue Mountains portfolio – now in the hands of Salter Brothers – includes the old-world 89-room Lilianfels Resort & Spa and the adjacent Echoes Boutique Hotel with 14 rooms, the grand Hydro Majestic Hotel with 84 rooms and considerable event space and the 31-key Parklands Country Gardens & Lodges. In NSW’s famous wine region, The Convent Hunter Valley is also now with Salter Brothers.
The change in ownership represents a significant shift in the Blue Mountains luxury accommodation scene.
The Escarpment Group’s founders, Huong Nguyen and George Saad, have faith in the Salter Brothers commitment to the distinctive properties now in their possession – and the communities they impact.
“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,” the pair said.
“We look forward to seeing our legacy continue and to assisting Salter Brothers to achieve their goals at the properties.”
Managing director of Salter Brothers, Paul Salter, says the location of the properties was an important factor.
“We are delighted to add to the Salter Brothers’ strategy of acquiring luxury assets in unrepeatable locations,” he said.
“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.”
As with the Spicers Retreat properties acquired in 2022, which total 127 rooms and include the two Sunshine Coast properties, the Scenic Rim retreat, two properties in the Hunter Valley and one in the Blue Mountains, the Escarpment Group’s portfolio contains strong business events and incentive product for event planners.