Published on : Tuesday, July 24, 2018
It is part of the former Tourism Asset Holdings portfolio and could be sold in one line or separately. AccorInvest is part of the Paris-based AccorHotels and is selling to focus its attention on the overseas properties. The budget portfolio is a small percentage of the overall global AccorHotels business.
The sale comes as the Australian hotel market is riding high with high occupancies generated from increasing inbound tourism and domestic travellers looking to do more ”staycations” in their own country.There is a development boom underway across Melbourne and Sydney, travel and tourism experts and hotel operators say there remains a shortage of rooms.
The hotel portfolio consists of 23 real estate assets and lease interests located across Sydney, Melbourne, Canberra, Brisbane and Perth, together with several major regional cities.
The agents said all of the hotels within the portfolio are currently operated by AccorHotels, Australia’s largest hotel management company, under hotel management agreements.
The Paris head office for Accor Hotels this year has expanded its footprint across Australia through the $1.2 billion takeover of the listed Mantra Hotel group. The deal also gave it a larger presence in regional areas.
Likely buyers include high net worth investors such as Dr Jerry Schwartz who has a large hotel portfolio including the Sydney Sofitel Darling Harbour, iProsperity, Impact Investment Group, M&L Hospitality and other Asian-based businesses which have been active in the Australian hotel market.
Tags: AccorInvest, Hotel, Staycations, Sydney