Iris Capital makes AccorInvest buy

Iris Capital has acquired a 17-hotel Ibis portfolio in Australia from AccorInvest.

The AUD$180m portfolio included Ibis hotels in city and airport locations including Sydney, Melbourne, Brisbane and Canberra.

Iris Capital CEO, Sam Arnaout, said: “This purchase fits in well with our current hospitality pub portfolio [and] takes our count to 45 hotels and delivers on the group’s strategy for diversification.

“The AccorInvest portfolio is well placed for repositioning and gives Iris immediate scale in an extremely tightly held hotel market.”

JLL managing director – head of investment sales Australasia, Peter Harper, said: “As the biggest hotel sale in 2020, year-to-date hotel transaction volumes have reached almost $600m which is an incredibly strong result given the start to the year we had.

“This deal, together with our recent sales of the Novotel Brisbane and Vibe Hotel Melbourne, is a clear demonstration of the capital depth in the Australian hotel investment market for everything from metropolitan motels to major CBD hotels.”