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Abu Dhabi moves on Australian hotels
Wednesday, 11 Sep, 2013
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The Abu Dhabi Investment Authority (ADIA) has bought a portfolio of 31 Accor hotels across Australia.
The deal, believed to be worth A$800 million, will see ADIA take over Tourism Asset Holdings, Australia’s largest hotel company, reports Bloomberg.
The Abu Dhabi Investment Authority is one of the world’s biggest sovereign wealth funds.
The hotels will continue to be operated by Accor, Tourism Asset Holdings said.
Rob Cross, regional director for hotels at CBRE Group, said overseas investors are seeing Australia "as a very transparent and secure property market".
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