The Abu Dhabi Investment Authority is in talks with AccorHotels to restructure its US$1 billion portfolio of hotels and resorts.
ADIA, the Middle East’s largest sovereign wealth fund, acquired the TAHL portfolio three years ago. It paid US $800 million for 31 hotels.
It is looking to capitalize on the performance of the hotels, many of which are in Sydney, by breaking the long-term leaseholds that French hotel company Accor has over the portfolio.
ADIA’s Australian hotel empire comprises about 4,096 rooms and brands including Novotel and Ibis.