UAE sovereign fund ADIA seeks to sell two Sydney hotels, sources say | Reuters
Abu Dhabi Investment Authority (ADIA) is selling two of its Sydney hotel properties which could fetch the sovereign wealth fund (SWF) about $500 million, two sources familiar with the matter said.
The two hotels, Novotel Sydney on Darling Harbour and IBIS Sydney Darling Harbour, together have about 780 rooms and are the last hotels to be divested from a 31-asset portfolio that ADIA acquired in 2013, they said.
In 2016, ADIA sold 15 hotels in Australia to French hotel owner and operator AccorHotels for A$200 million ($147 million).
These assets were among the 31 properties ADIA acquired from Sydney-based Tourism Asset Holdings in 2013. The portfolio had made ADIA the largest hotel owner in Australia.
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