As part of its asset management strategy, hotel giant Accor has confirmed the sale of its 19.4 per cent stake in the Tourism Asset Holdings, Australia’s largest hotel owning company.

The stake went to the Abu Dhabi Investment Authority for AU$66m (€46m), and a repayment of AU$76m (€53m) loans.

TAHL owns 31 hotels in Australia, all of which are operated by Accor through lease or management contracts under the ibis, ibis budget, ibis Styles, Mercure, Novotel and Pullman brands.

All contracts will be maintained.