Hotel group Accor has sold its stake in Mirvac Wholesale Fund and the Novotel/ibis Sanyuan in Beijing to A-HTRUST for €110m.
The French hotel group said it would partner with Ascendas to create A-HTRUST, a large hotel investment trust in the Asia-Pacific region, taking a 6.9% stake by investing €32m.
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As part of its asset-management strategy, Accor sold its 21.9% stake in Ascendas Australia Hospitality Fund, formerly known as Mirvac Wholesale Fund, for €56m, and the 305-room Novotel, 401-room ibis in Beijing Sanyuan for €54m.
Singapore-based Ascendas holds seven properties out of which six are operated by Accor in Australia and New-Zealand.
Ascendas will hold up to 35% of A-HTRUST, and Accor will get a right of first offer to manage future acquisitions when the hotels are not operated under a management contract that is pre-existing.
A-HTRUST will also benefit from a right of first offer to purchase hotel properties that are offered for sale by Accor in the Asia-Pacific region, except in Australia and India.
Accor chairman and chief executive officer Denis Hennequin said the operation reflects the group’s ability to attract investors.
“After the successful acquisition of Mirvac in Australia and New Zealand, we consolidate our presence in the Asia-Pacific region with an extremely well established partner, through an investment vehicle that will allow us to speed up both our expansion, but also our asset management policy in the region,” Hennequin added.
Ascendas provides business space solutions with key markets in Singapore, China, India, South Korea and South-East Asia including Vietnam, Malaysia and Philippines.
