ADIA buys Australia hotel portfolio
Abu Dhabi Investment Authority (ADIA) has bought Tourism Asset Holdings (TAHL), Australia’s largest hotel owner. The deal will see the Middle East sovereign wealth fund assume control of 31 Accor-operated properties in major cities.
The size of the investment was not disclosed, although local media put it at A$800 million ($739 million). It is confirmation of the strong interest from foreign investors in Australian hotel assets. A Jones Lang LaSalle report, cited by Bloomberg, predicts sales to reach a record A$2 billion in 2013.
South Korea's Mirae Asset Global Investments and Malaysia's Starhill real estate investment trust are among those to have bought properties in recent months.
"We chose to run a discreet, targeted sale process and we were very pleased with the response we received, which is a testament to the strength and performance of the underlying portfolio. This sale is the culmination of a successful four-year strategy since taking TAHL's platform independent in 2009," TAHL CEO Matthew Eady said in a statement.
Founded in 1993, TAHL listed on the Australian Securities Exchange three years later and was then taken private by a consortium of investors in 2002.
The company's portfolio includes more than 4,000 rooms and properties such as Novotel and Ibis hotels in Sydney's Darling Harbour and Olympic Park. Accor will continue to manage the properties post-acquisition.
More on Buyouts
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.