Foreign Property News | Posted by Zarni Kyaw
Hong Kong-based asset manager iProsperity has acquired a set of 23 Australian hotels from French hotel investment firm AccorInvest, according to an account this week in the Australian Financial Review.
iProsperity, which manages funds for high net worth individuals and focuses on a Chinese clientele, paid a reported A$300 million ($204 million) for the set of Ibis, Mercure and Novotel properties in a deal which closed in recent weeks, according to the Australian media account.
The purchase is the latest in a series of Australian property acquisitions by iProsperity, which just weeks ago purchased a casino on the Pacific island of Vanuatu for A$30 million.
The primarily freehold properties, which total more than 3,000 rooms spread across Australia’s major capital cities and regional centres, include the 412-room dual Ibis Brisbane and Mercure Brisbane CBD hotels, the 296-room Novotel Brisbane, the 250-room Ibis Melbourne Hotel, the 200-room Ibis Sydney Airport and the 239-room Mercure Perth.
Fifteen of those hotels – all Ibis-branded – were acquired by AccorInvest from the Abu Dhabi Investment Authority for A$200 million in December 2016.
The sale of the portfolio, which includes 17 real estate assets and six lease interests, had attracted a number of contenders reportedly including global fund manager BlackRock.
All hotels within the portfolio are operated by AccorHotels, the management affiliate of AccorInvest, and combined cover a total of 54,500 square metres (586,633 square feet).
Ref: Property Report
