HK Investor iProsperity Group Pays AUD300m for AccorInvest’s Australian portfolio

Main Photo: The Ibis Sydney Airport, one of the hotels included in the deal.

Date: September 2019

Location: 23 hotels in Sydney, Melbourne, Brisbane, Canberra, Perth and regional areas across Australia

Name: Mainly Ibis Budget and Ibis, with a few Novotel, MGallery by Sofitel and Mercure

No. of Keys: 3,046 – 1797 rooms across 17 real estate assets and 1249 rooms over six lease interests.

Seller: AccorInvest….after a 3-year transformation project started at the end of 2013 to develop HotelInvest, the real estate branch of Accor Group, HotelInvest became in 2017 AccorInvest Group, a strategic hotel investor, owner and operator.

In May 2018, Accor opened up the share capital of AccorInvest to long-term investors, among which sovereign wealth funds and institutional investors, in order to allow AccorInvest to reach its ambitions in terms of growth and development.

The disposal still leaves AccorInvest with a portfolio of more than 800 owned or long leased hotels globally.

Buyer: iProsperity Group has paid between AUD 250m and AUD300m for AccorInvest’s Australian portfolio. The deal covers 23 mostly freehold properties totalling more than 3,000 rooms, reports AFR.

iPG continues to grow its hospitality arm, and recently bought Iririki Island Resort & Spa in Vanuatu.

Some of the larger assets in the portfolio include the 200-key Ibis Sydney airport and the 156-key Ibis Budget Sydney Olympic Park.

In July 2019, iProsperity Group offloaded the 200-key Novotel Melbourne hotel and adjoining Century City Walk shopping centre in Melbourne’s south-east and sold the Sydney Park Regis Hotel to the Yeh Group for $54.18 million late 2018.

iPG is a Hong Kong–backed funds investment group for high-net-worth investors.

Price: Say AUD 275m

Price per Key: AUD 90,282

THPT Comment: Good move for the Hong Kong investors and not a bad price for largely budget-price hotels.

First Seen: IREI – Institutional Real Estate

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