AccorInvest has sold its 23-hotel Australian portfolio to iProsperity Group Pty Ltd, 14 months after putting the portfolio on the market through JLL.
The Australian Financial Review put the price at $A300 million, Hotels NZ said the price was about $A200 million. The portfolio was valued at over $A300 million when JLL took it to the market in July last year.
AccorInvest owned 17 of the hotels outright and leased the other 6.
The Accor SA hotel group of France split its business into operator (AccorHotels) & investor (AccorInvest) in 2013. In February last year, Accor announced it intended to sell 55% of AccorInvest, which owned 891 hotels around the world at that time, to 2 sovereign funds, Saudi Arabia’s Public Investment Fund and GIC of Singapore, institutional investors Credit Agricole Assurances, Colony NorthStar & Amundi, and other investors.
That transaction was completed at the start of June 2018, with 57.8% sold for a total €4.4 billion ($NZ7.56 billion).
This deal doesn’t take AccorHotels out of Australia. It continues to operate the former AccorInvest portfolio and, in June last year, added Australian hotel owner the Mantra Group Ltd’s operating business for $A1.2 billion. Mantra had a portfolio of 125 (now 135) Peppers, Mantra & BreakFree hotels & resorts in Australia, New Zealand, Indonesia & Hawaii. 11 are in New Zealand.
The buyer of the Accor portfolio, iProsperity, is a wealth and & asset manager.
Australian Financial Review, 2 September 2019 (paywall for full content): iProsperity Group snags AccorInvest’s 23-hotel portfolio for $A300m
Hotels ANZ, 3 September 2019: AccorInvest sells Australian portfolio
The Hotel Conversation, 24 July 2018: Australian hotel portfolio for sale JLL Hotels
25 July 2018: Updated: AccorInvest puts whole Australian portfolio on market
Attribution: AFR, Hotels ANZ; Accor & iProsperity for corporate details.