European investors snap up four hotels on the east coast
Clayton Utz has advised a European investment-management firm in what is the biggest yet hotel portfolio acquisition in Australia this year.
The leading firm advised AXA Investment Managers on its purchase of four Accor Hotels from the Abu Dhabi Investment Authority.
The $330m deal, AXA’s largest property investment in Australia since 2016, was completed on 25 February. The purchase includes three Accor hotels in Sydney’s Olympic Park, and one Accor hotel in Canberra.
Andrew Steele, Clayton Utz real estate partner, headed the deal team. He was supported by teams led by partners Kathy Santikos (banking and financial services), Claire Smith (environment and planning), Abraham Ash (workplace relations and safety).
Specialist advice was also provided by Elizabeth Boden, real estate senior associate, and Keshni Maharaj, tax special counsel.