Iris Capital pays AccorInvest c$180m for distressed iProsperity portfolio
Sydney publican Sam Arnaout is paying AccorInvest c$180 million for 17 Ibis hotels.
Twelve are in the purchaser’s home state amongst them Ibis Sydney Airport (pictured, top), Ibis Budget Sydney Olympic Park and Ibis Newcastle.
Three are in metropolitan Melbourne including a 230-room inn near Queen Victoria Market.
There is one in each of Brisbane Airport and Canberra.
Thirteen are branded Ibis Budget.
All up, the deal will give Mr Arnaout’s Iris Capital control of 1800 suites on Australia’s east coast; it will also boost the number of properties in his portfolio to 45.
Accor will continue to operate the businesses.
JLL Hotel & Hospitality’s Craig Collins and Peter Harper were the agents (story continues below)
Deal ends headache for AccorInvest
Elanor Investors Group and Blackstone also attempted to buy the Luxembourg vendor’s portfolio, according to sources.
With six more guesthouses, a total of 3000 rooms, the hotels were considered sold last year following a $220m commitment by Michael Gu’s iProsperity Group which entered administration in July owing $60m.
AccorInvest acquired 15 from the Abu Dhabi Investment Authority in late 2016 following a $200m outlay.
Elsewhere in Sydney, last May, Iris Capital paid John Singleton, Arthur Laundy and Mark Carnegie c$65m for Manly pub, Hotel Steyne.
In 2016, it spent about $15m on The Colombian at 125 Oxford St, on the south east corner of Crown, in Darlinghurst.
Also in that suburb, earlier this week, Moelis Australia Hotel Management outlaid $22m for the Courthouse Hotel which it will renovate and occupy.
