Sydney Olympic Park hotel trio snapped up by AXA

Four hotels in Sydney and Canberra have been snapped up for $330.4 million by international insurer AXA International.

AXA has acquired the Novotel, Pullman and ibis hotels at Sydney Olympic Parks from the Abu Dhabi Investment Authority. The hotels, built for the Sydney Olympics in 2000, are operated by Accor under a 50-year management agreement. The Novotel Canberra completed the deal.

Speaking to The Sydney Morning Herald, Kumar Kalyanakumar, head of Australia, at AXA IM – Real Assets, said the new acquisitions “build on our team’s strong track record of hotel investments”.

”While these assets already offer strong fundamentals in their own right, they are also set to benefit greatly from a number of value-adding initiatives we have earmarked which will be further enhanced by a forecast growth in tourism and a number of transport infrastructure improvements in Canberra and Western Sydney,” he said.