Singaporean company Ascott Limited has paid $180m for a further 60% of Australia’s Quest Apartment Hotels, taking its stake to 80% with an option to buy the remaining 20% in the future.
Quest, which operates under a franchise model, was started by Chairman Paul Constantinou in Melbourne almost 30 years ago.
It now has 180 properties and 9000 apartments with another 2000 under construction. Ascott first bought 20% of Quest in 2014 for $28.8m.
Though he won’t confirm it, it is believed Mr Constantinou and his family were the primary shareholders before the sell-down, while Rohan Davis also held a stake.