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European investor buys portfolio of Accor hotels

New owners have purchased three Accor hotels in Sydney and one in Canberra.

Global investment manager and wealth management giant AXA has snapped up four Accor hotels in a portfolio purchase deal worth approximately $330 million, it was revealed today.

According to the Australian Financial Review, the four hotels managed by Accor include the Pullman Sydney Olympic Park, Novotel Sydney Olympic Park and the adjoining Ibis Sydney Olympic Park and the Novotel Canberra. The former owner was the Abu Dhabi Investment Authority and together, the four hotels comprise 831 rooms.

The Paris-based investment firm manages over AUD$1 trillion in management assets globally and boasts revenue of over €100 billion per year.

The rapidly growing worker and resident population in the region was cited as a key factor behind the purchase along with a strong events calendar. It appears Accor will retain management of all four hotels as it holds current long-term management agreements.

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