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|| Abu Dhabi fund buys 31 Accor hotels in Australia for $740 million

adia-aus.jpgAbu Dhabi Investment Authority has acquired Australia’s largest hotels owner, Tourism Asset Holdings, for $740 million - adding 31 properties to its real estate portfolio.

The portfolio is and will continue to be operated by Accor and includes hotel brands such as Pullman, Novotel, Mercure, Ibis, Ibis Styles and Ibis Budget. The transaction was valued at about $740 million, the Australian newspaper and the Australian Financial Review newspapers reported.

Abu Dhabi Investment Authority (ADIA) is listed in the Middle East Investors Directory with the code BD43.

More details follows

The shareholders of Tourism Asset Holdings Limited (TAHL) are pleased to announce the execution of a conditional contract for the sale of 100% of TAHL’s shares to Teal Summer A 2013 Limited, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

TAHL is Australia’s largest owner of hotels, with a portfolio of 31 properties, including one of Asia Pacific’s largest triple-net leased property portfolios. The hotels are primarily focused on the strongly performing mid-market segment, and are situated throughout Australia with a strategic weighting to Eastern seaboard CBDs.

The portfolio is and will continue to be operated by Accor, the world’s leading hotel operator, and includes hotel brands such as Pullman, Novotel, Mercure, Ibis, Ibis Styles and Ibis Budget.

Matthew Eady, Chief Executive Officer of TAHL, said:
“We chose to run a discrete, targeted sale process and we were very pleased with the response we received, which is a testament to the strength and performance of the underlying portfolio. This sale is the culmination of a successful four year strategy since taking TAHL’s platform independent in 2009”.

Macquarie Capital acted as exclusive financial adviser to TAHL shareholders for the sale process.



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