Paris-based AXA Investment Managers is continuing a national real estate spending spree, entering due diligence to buy four hotels on the east coast for around $330 million.
The assets include:
The Olympic Park hotel portfolio, built prior to Sydney hosting the 2000 Olympic Games, is managed by another Paris-based provider, AccorHotels, on a long-term basis. The Canberra property (pictured, left) is said to have significant development upside, according to realcommercial.com.au which first reported this transaction.
The hotels form part of a portfolio offered earlier this year by the Abu Dhabi Investment Authority – the world’s third biggest sovereign wealth fund.
ADIA picked up the Olympic Park assets in 2013 as part of a reported $800 million deal for 31 hotels with vendor Tourism Asset Holdings Limited. Three years later ADIA sold 15 inns to AccorHotels for $150 million.
Earlier this month we reported AXA Investment Managers was paying about $100 million for a proposed office building in Melbourne’s Cremorne, set to become the national headquarters of software giant MYOB once complete in 2020.
Also in Melbourne this month, iProsperity paid Canada’s Brookfield Asset Management a speculated $200 million for the five-star Pullman on the Park complex.