Partners Group, GIC acquire $457m Australian Travelodge hotel portfolio
Partners Group, a global private markets firm, has, on behalf of its clients, agreed to acquire a portfolio of 11 Travelodge hotels in Australia with a gross asset value of A$620 million ($457 million), from Mirvac and NRMA.
Partners Group will acquire the portfolio in partnership with Singaporean sovereign wealth fund GIC and Australian hospitality operator Salter Bros.
The portfolio, which is the largest of its kind to transact in Australia, is diversified across key metropolitan centers, including Sydney, Melbourne and Brisbane, and consists of more than 2,000 rooms. Acquiring the portfolio will provide an opportunity to capitalize on the long-term relative value of Australia's hospitality sector. The portfolio is also set to benefit from a nationwide campaign launched this year that aims to increase domestic tourism. Partners Group and its acquisition partners will work on a transformational value creation plan that aims to improve the utilization of the hotels thr