FINANCIAL NEWS

Abu Dhabi among bidders for 3 hotels in Australia

01 May 2012

(MENAFN) Abu Dhabi Investment Authority (ADIA) was named as one of two contenders for the to buyout of three Marriott hotel properties in Australia, the Australian Financial Review reported.

Angus McNaughton is the Managing Director of Property for the asset manager said that Colonial is in final talks with ADIA and Malaysia’s YTL Corporation, and expects to arrive at final bids for the five-star Marriott hotels in Sydney, Brisbane and Melbourne by the end of May.

In February, the newspaper reported that a Middle Eastern party, US-based Host Hotels & Resorts (HST) and the Government of Singapore Investment Corporation may be among bidders for the hotels worth a combined USD465 million.

Hotel revenues per available room will grow by 7.2 percent this year, and capital values will rise between 5 percent and 10 percent, according to figures from broker Jones Lang LaSalle Inc. Retail property rents will rise 2.7 percent this year, and offices will climb 4 percent, it added.

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