Accor is selling its 19.4% stake in Tourism Asset Holdings Ltd, Australia’s largest hotel owning company.
TAHL has been bought by Abu Dhabi Investment Authority for a value of A$66 million, and a repayment of A$76 million loans.
TAHL owns 31 hotels in Australia (4,097 rooms), all of which are operated by Accor through lease or management contracts under the ibis, ibis budget, ibis Styles, Mercure, Novotel and Pullman brands.
In a statement, Accor said all contracts would be maintained.
Report by TravelMole Asia-Pacific
