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Accor sells its 19.4% stake in TAHL

Profile Photo By: H L
November 5, 2013

Accor sells its 19.4% stake in TAHL

Accor LogoAs part of its asset management strategy, Accor announces the sale of its 19.4% stake in the Tourism Asset Holdings Ltd. (TAHL), Australia?s largest hotel owning Company, to the Abu Dhabi Investment Authority (ADIA) for a value of AU$66m (?46m), and a repayment of AU$76m (?53m) loans.

TAHL owns 31 hotels in Australia (4,097 rooms), all of which are operated by Accor through lease or management contracts under the ibis, ibis budget, ibis Styles, Mercure, Novotel and Pullman brands. All contracts will be maintained.

Source Press Release, http://www.accor.com/fileadmin/user_upload/Contenus_Accor/Finance/Pressreleases/2013/UK/pr_accor___tahl.pdf

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