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AccorInvest sells portfolio to Iris in biggest hotel deal in 2020
Baker McKenzie has advised AccorInvest on its sale of Ibis hotels to Iris Capital.
Tony Zhang
Firm: Baker McKenzie (AccorInvest).
Value: $180 million
Area: M&A, hospitality.
Key players: The Baker McKenzie team was led by Steven Glanz and Lawrence Mendes (corporate markets and M&A) along with Bruce Webb, Michael Diston, Rebecca Tan (real estate), John Walker, Janet Cho, Joanna Kuok and Peter McMahon (tax).
Deal significance: Sydney-based Iris Capital has landed Australia’s biggest hotel transaction of the year, signing to acquire 17 Ibis-branded hotels from AccorInvest, the share capital division of the multinational accommodation and hospitality giant.
Representing nearly 1,800 rooms and negotiated by JLL, the transaction takes the Iris Capital portfolio to 45 properties and helps the company continue its growth trajectory into accommodation hotels, building further on its long-held collection of pubs and taverns around Australia.
Baker McKenzie advised AccorInvest on the structuring of the competitive sale process for the portfolio including by assisting with bidder engagement and preparation and negotiation of the transaction documents.
“We were delighted to work with AccorInvest to achieve a successful outcome on this significant transaction,” said Mr Glanz.
“Although this is a hotels-specific transaction, we see deals such as this as representative of a general trend toward M&A activity increasing after the initial uncertainty arising from the Covid-19 pandemic earlier this year,” said Mr Mendes.
Known as the AccorInvest Australian Hotel Portfolio (“the Portfolio”), it is made up of 17 hotels located across Sydney, Melbourne, Canberra and Brisbane, together with several major regional cities.
