UAE - Mubasher: The Abu Dhabi Investment Authority (ADIA) plans to sell two of its Sydney hotels, which could cost around $500 million, two sources told Reuters.
With around 780 rooms, Novotel Sydney on Darling Harbour and IBIS Sydney Darling Harbour are the last hotels to be sold from a 31-asset portfolio acquired by the sovereign wealth fund from Sydney-based Tourism Asset Holdings in 2013.
The portfolio had enabled ADIA to become the largest hotel owner in Australia.
In 2016, ADIA divested 15 hotels in Australia to French hotel owner and operator AccorHotels in exchange for $147 million.
It is noteworthy to mention that in July 2021, a total of four Arab sovereign wealth funds are listed among the world's top ten sovereign wealth funds, including the ADIA in the fourth position with total assets of $649.175 billion.
