Accor has raised EUR110 million (US$135m) through the sale of assets in Australia and China.
The company sold its 21.9% stake in the Ascendas Australia Hospitality Fund for EUR56m. Formerly known as Mirvac Wholesale Fund, which Accor acquired recently has part of its deal for Mirvac Hotels & Resorts, Ascendas holds seven properties, six of which are operated by Accor in Australia and New Zealand.
In addition, the European hotel company has sold the 305-room Novotel and 401-room ibis properties in Beijing Sanyuan for a total of EUR54m. Accor will continue to manage the two hotels following the sale.
Both deals were conducted with A-HTRUST, the Asia Pacific-based hotel investment venture, in which Accor owns a 6.9% stake.
“This operation highlights once again our capability to attract leading investors,” said Denis Hennequin, Accor’s Chairman & CEO. “After the successful acquisition of Mirvac in Australia and New Zealand, we consolidate our presence in the Asia Pacific region with an extremely well established partner, through an investment vehicle that will allow us to speed up both our expansion, but also our asset-management policy in the region.”