AccorInvest launches A$300 mil Australian hotel portfolio for sale

/ EdgeProp
July 25, 2018 11:14 PM SGT
ibis hotel at Sydney airport (Credit: JLL)
Hotel investor AccorInvest is launching its Australian hotel portfolio for sale, comprising 17 real estate assets and six hotel lease interests in major Australian cities at more than A$300 million.
The portfolio includes 1,797 rooms across cities like Sydney, Melbourne, Canberra, Brisbane and Perth. All the hotels in the portfolio are currently operated by French hotel group AccorHotels, which owns luxury hotel brand Sofitel and its budget offering, ibis.
Notable assets in the portfolio include the ibis brand, such as ibis Melbourne Hotel & Apartments, ibis Sydney Airport, ibis Budget Sydney Olympic Park and ibis Newcastle.
The six lease interests include The COMO Mgallery by Sofitel in Melbourne, Novotel Brisbane, as well as Mercure and ibis hotels in Brisbane and Perth.
The properties in the portfolio occupy an estimated 586,633 sq ft of land. It is being sold through JLL’s Hotels & Hospitality Group.
In February, AccorHotels announced plans to sell 55% of its AccorInvest property business to a group of sovereign and institutional investors for €4.4 billion ($7.01 billion). The investors include Singapore’s GIC sovereign fund and Saudi Arabia’s Public Investment Fund, as well as companies like Credit Agricole Assurances, Colony NorthStar and Amundi.