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

Abu 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