iProsperity and ZACD to acquire 23 AccorInvest hotels

Sydney-based fund manager iProsperity and Singapore-based fund manager ZACD Group have announced the acquisition of a portfolio of 23 hotels in Australia from Luxembourg hotel investor, AccorInvest.

The portfolio comprises 17 hotel properties which have been acquired for AUS $212.6 million.

The transaction also incorporates six leasehold interests to be transferred subject to various conditions.

The transaction in terms of number of hotels is one of Australia’s largest hotel portfolio sales with 3,046 rooms and across Accor brands comprising MGallery, Novotel, Mercure, ibis and Ibis Budget.

The hotels are located in Brisbane, Sydney, Melbourne, Canberra, Perth and regional New South Wales.

The transaction was brokered by Craig Collins and Peter Harper of JLL Hotels & Hospitality Group.

iProsperity have been Australia’s most active hotel investor over the last four years.

ZACD are an integrated asset manager listed in Hong Kong and headquartered in Singapore, offering integrated solutions across the real estate value chain.

Co-Founder and CEO, Stanley Yeo commented, “We are delighted to be partnering with iProsperity on this geographically diverse hotel portfolio. We both hold a strong conviction as to the positive outlook for the Australian hospitality market and we see this portfolio as an excellent vehicle to build a meaningful presence in the Australian hotel market.”