Accor sells its stake in Mirvac Wholesale Fund and the Novotel/ibis Sanyuan in Beijing to A-HTRUST for a total amount of €110m. Accor partners with Ascendas in the creation of A-HTRUST, one of the largest publicly listed Hotel Investment Trusts in the Asia-Pacific region, with a 6.9% stake.
As part of its asset-management strategy, Accor announces today the sale to A-HTRUST of two separate
*The 21.9% stake in Ascendas Australia Hospitality Fund, formerly known as Mirvac Wholesale Fund, that holds 7 properties, out of which 6 are operated by Accor in Australia and New- Zealand, sold for €56m. The purpose of sale had been announced with the Mirvac acquisition.
*The Novotel (305 rooms) and ibis (401 rooms) in Beijing Sanyuan, sold under a sale and management back contract(1) for a total amount of €54m.
Besides, in the frame of the creation of A-HTRUST, one of the largest publicly listed Hotel Investment Trusts in the Asia-Pacific region, Accor takes a 6.9% stake in the new entity for an investment of €32m. As agreed with Ascendas, who will hold up to 35% of A-HTRUST, Accor will be granted a right of first offer to manage future acquisitions when the hotels are not operated under a pre-existing management contract. In return, A-HTRUST will benefit from a right of first offer to purchase hotel properties put on sale by Accor in the Asia-Pacific region (excluding Australia and India).
“This operation highlights once again our capability to attract leading investors”, said Denis Hennequin, Accor’s Chairman and Chief Executive Officer. “After the successful acquisition of Mirvac in Australia & 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”.
(1) The sale of the ibis Sanyuan in Beijing is subject to administrative authorizations applying in China.