AXA IM – Real Assets has Bought Four Australian Hotels in an AUD$330.4m Deal
Main Photo: The Novotel Sydney Olympic Park
Date: February 2019
Location: Three of the properties are in Sydney’s Olympic park, with a fourth in Canberra.
Name: 4 hotels managed by Accor under Pullman, Ibis and Novotel brands.
No. of Keys: 831
Seller: Accor
Buyer: AXA IM – Real Assets said it has bought the Pullman Sydney Olympic Park, Novotel Sydney Olympic Park, Ibis Sydney Olympic Park and the Novotel Canberra.
The portfolio is managed by AccorHotels.
Kumar Kalyanakumar, the head of Australia, at AXA IM – Real Assets, said: “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.”
AXA IM – Real Assets, which has €79bn in assets under management, manages a €2.3bn portfolio of hotels across the globe on behalf of its clients.
Price: AUS$330.4m
Price per Key: AUS$397,593
THPT Comment: Good deal for both parties. Have to say I enjoyed a cold beer at the Novotel in Sydney on a certain day in November 2003, prior to when Jonny Wilkinson kicked a classic drop-goal 17 seconds out!
First Seen: Axa website
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