Although only a small percentage of the overall global AccorHotels business, the hotel portfolio that was part of the former Tourism Asset Holdings portfolio has generated a huge local sale for the group. The portfolio was put on the market mid last year through JLL Hotels & Hospitality group’s Craig Collins and Peter Harper.
The collection was comprised of seventeen hotels with a total of 1,797 rooms over four ibis hotels and thirteen ibis Budget hotels, including the ibis Sydney Airport, ibis Melbourne Hotel & Apartments and the ibis Newcastle. Included also were six leasehold interests including the Novotel Brisbane, The Melbourne COMO Mgallery by Sofitel, Mercure and ibis hotels in Brisbane and the Perth Mercure and ibis hotels.
The size and diversity of this portfolio had not been seen before, ranging over a variety of locations across four states. Upon launching it JLL’s Craig Collins highlighted how the economy hotels with their ‘typically low operating costs and high level of profitability’ made them a very worthwhile investment.
The iProsperity Group has apparently purchased the entire portfolio in one line for $300 million. iProsperity was founded in 2005 and is a composite investment group licensed to operate in the financial sector in Australia. It specialises in providing a comprehensive advisory service in private investment for clients from Asia.