A portfolio of 11 Travelodge hotels in Australia has been snapped up by a consortium led by hospitality operator Salter Brothers.
They are paying A$620 million in partnership with Singapore sovereign wealth fund GIC and Partners Group for the portfolio which consists of more than 2,000 rooms.
It is the biggest hospitality acquisition of its kind in Australia.
The deal ‘provides an opportunity to capitalise on the long-term relative value of Australia’s hospitality sector,’ Partners Group said.
"We particularly like this portfolio as it provides initial income with potential for further yield through transformational value creation strategies; it also provides a significant foothold from which we can scale towards a larger portfolio over time," said Partners Group MD of private real estate, Rahul Ghai.
The consortium will rebrand the hotels and some will be upscaled.
