Accor has confirmed its acquisition of Mirvac’s hotel business for €195m, the largest Australian hotel deal in more than two decades. The agreement includes the purchase of:
- Mirvac Hotels & Resorts, a management company of 48 hotels (inc. two owned hotels), representing 6,101 rooms, for €149 million
- A 21.9% stake in the Mirvac Wholesale Hotel Fund (MWHF), an investment vehicle with ownership of 7 of the hotels, for €46 million. A further stake in the MWHF will be bought by Accor’s partner Ascendas, the Singapore real estate developer. Together they will combine to purchase Mirvac’s 49.2% stake in MWHF.
The 48 hotels are located mainly in Australia, in key cities such as Sydney, Melbourne, Brisbane and Perth.
Four of the hotels are located in New Zealand. Mirvac’s hotel brands include Quay West, Sea Temple, Sebel and Citigate.
The transaction means Accor’s Australia New Zealand network grows to more than 240 hotels and 32,500 rooms.