Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) has bought 31 Accor-branded hotels across major cities in Australia.
ADIA’s acquisition of Sydney-based Tourism Asset Holdings Limited (TAHL), Australia’s largest owner of hotels, for about AUD$800m ($743m) will see the properties continue to be managed by the Paris-based operator.
"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,” said TAHL CEO Matthew Eady.
"This sale is the culmination of a successful four-year strategy since taking TAHL's platform independent in 2009," he added. The sale was handled by Macquarie Capital.
TAHL’s properties include the Novotel and Ibis properties in Sydney’s Darling Harbour and Olympic Park, as well as the Canberra Novotel and Mercure Treasury Gardens in Melbourne.
ADIA, which manages the surplus cash the UAE capital earns from oil exports, is one of the world’s richest sovereign wealth funds, with analysts estimating that it holds assets worth between $400bn and $600bn.
In its most recent annual report, ADIA said it was reducing target exposures to developed market stocks and looking for growth in emerging markets.