Paris-based investment company AXA has acquired four Accor hotels, including three in Sydney's Olympic Park, from the Abu Dhabi Investment Authority for $330.4 million.
The deal is reportedly one of the largest hotel transactions in Australia over the past 12 months.
The acquisition includes the 218-room Pullman Sydney Olympic Park, the 177-room Novotel Sydney Olympic Park, the 150-room Ibis Sydney Olympic Park and the 286-room Novotel Canberra.
Accor will manage the properties via long-term management agreements.
Kumar Kalyanakumar, head of Australia/AXA IM-Real Assets, said the transaction presents a “rare opportunity to invest in a portfolio of high-quality and extremely well-located hotels.
“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."