AXA Investment Managers - Real Assets (AXA IM - Real Assets) has agreed one of the largest hotel transaction in Australia over the past 12 months with the acquisition of a portfolio of four assets worth A$330.4m (€207m).
AXA IM - Real Assets said it has bought the Pullman Sydney Olympic Park, Novotel Sydney Olympic Park, Ibis Sydney Olympic Park and the Novotel Canberra. The 831-room portfolio is managed by AccorHotels.
Kumar Kalyanakumar, the head of Australia, at AXA IM - Real Assets, said: “This transaction presents a rare opportunity to invest in a portfolio of high quality and extremely well-located hotels as well as to build on our team’s strong track record of hotel investments.
“While these assets already offer strong fundamentals in their own right, they are also set to benefit greatly from a number of value-adding initiatives we have earmarked which will be further enhanced by a forecast growth in tourism and a number of transport infrastructure improvements in Canberra and Western Sydney.”
AXA IM - Real Assets, which has €79bn in assets under management, manages a €2.3bn portfolio of hotels across the globe on behalf of its clients.