iProsperity has revealed it was backed by Singaporean fund manager ZACD Group in its acquisition of the 23 hotel AccorInvest portfolio
AccorInvest Portfolio sold to iProsperity & ZACD
Confirmed that the price was $212.6m less the leasehold interests, with an overall price of $200m
Portfolio features 17 real estate assets (1,797 keys) and six lease interests (1,249 keys)
As previously reported, AccorInvest has exited the Australian hotel market, selling its 23 hotel interests to iProsperity, who have now revealed that they were backed by Singaporean fund manager ZACD Group.
iPG confirmed that the price was $212.6m less the leasehold interests, with an overall price of $200m.
iPG bought Melbourne’s Pullman on the Park hotel from Brookfield last year and recently sold the Novotel Glen Waverley and adjoining shopping centre.
ZACD is an integrated asset manager listed in Hong Kong and headquartered in Singapore, and the investment is one of its first local moves. Through this fund, it recently entered the Australia property market, acquiring an office building in Melbourne and a Perth unit and serviced apartment project.
Co-Founder and chief executive Stanley Yeo said the group was partnering with iProsperity on the “geographically diverse” hotel portfolio. “We both hold a strong conviction as to the positive outlook for the Australian hospitality market and we see this portfolio as an excellent vehicle to build a meaningful presence in the Australian hotel market,” he said.
The Portfolio features 17 real estate assets comprising 1,797 rooms. Notable assets include the ibis Hotel & Apartments Melbourne, ibis Sydney Airport, ibis Budget Sydney Olympic Park and ibis Newcastle.
The six lease interests include The COMO MGallery by Sofitel in Melbourne, the Novotel, Mercure and ibis hotels in Brisbane and the Mercure and ibis hotels in Perth.
All hotels within the Portfolio are currently operated by AccorHotels.
AccorInvest is the spun-off hotel investment platform of Paris-listed AccorHotels. Last year 58% was sold to GIC, PIF, Credit Agricole Assurances, Colony NorthStar and Amundi for €4.6bn ($7.5bn).
Portfolio consists of:
Ibis Budget Canberra - 75 keys
Ibis Budget Campbelltown - 72 keys
Ibis Budget Casula Liverpool - 74 keys
Ibis Budget Coffs Harbour - 70 keys
Ibis Budget Dubbo - 65 keys
Ibis Budget Enfield - 80 keys
Ibis Budget Newcastle - 79 keys
Ibis Budget St Peters - 105 keys
Ibis Budget Sydney Olympic Park - 156 keys
Ibis Budget Wentworthville - 102 keys
ibis Newcastle - 97 keys
Ibis Sydney Airport Hotel - 200 keys
Ibis Thornleigh - 105 keys
Ibis Budget Brisbane Airport - 93 keys
Ibis Budget Dandenong - 71 keys
Ibis Budget Fawkner - 103 keys
Ibis Melbourne Hotel & Apartments - 250 keys
The COMO Melbourne - MGallery - 110 keys
Mercure Perth - 239 keys
Ibis Perth - 192 keys
Novotel Brisbane - 296 keys
Ibis Brisbane & Mercure Brisbane - 412 keys