The acquisition is one of the largest hotel transaction in Australia over the past 12 months.
The 831 room portfolio managed by AccorHotels includes four hotels among which three are located in the Sydney Olympic Park precinct and one in Canberra’s Central Business District. They comprise:
- Pullman Sydney Olympic Park, 5 star, with 218 rooms
- Novotel Sydney Olympic Park, 4.5 star, with 177 rooms
- Ibis Sydney Olympic Park, 3.5 star, with 150 rooms
- Novotel Canberra, 4.5 star with 286 rooms
Kumar Kalyanakumar, Head of Australia, at AXA IM – Real Assets, commented: “This transaction presents a rare opportunity to invest in a portfolio of high quality and extremely well located hotels as well as to build on our team’s strong track record of hotel investments. While these assets already offer strong fundamentals in their own right, they are also set to benefit greatly from a number of value-adding initiatives we have earmarked which will be further enhanced by a forecast growth in tourism and a number of transport infrastructure improvements in Canberra and Western Sydney.”