Abu Dhabi Investment Authority to buy Australian hotel portfolio

Dubai: The Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, has purchased Australia’s largest hotels owner, adding 31 properties to its real estate portfolio.

Tourism Asset Holdings Limited, or TAHL, said in a release it signed a deal with Adia to sell 100 per cent of its shares to a subsidiary of the Abu Dhabi fund.

TAHL’s hotels, which will continue to be run by Accor, are focused on the mid-market segment and located across Australia. They include brands such as Pullman, Novotel, Mercure, Ibis, Ibis Styles and Ibis Budget.

TAHL and Adia woul dnot comment on the value of the deal, but local Australian media reports said the transaction was worth around A$800 million.