|Accor sells its stake in Reef Casino in Australia.|
Friday, 7th March 2014
Source : Accor
As part of its asset management strategy, Accor announces the sale of its participation in the Reef Casino in Australia.
This participation includes a 29% stake in Reef Casino Trust (RCT), a listed entity, as well as its 50% stake in the related businesses of RCT, i.e. Casinos Austria Cairns, and Reef Corporate Service. Total proceeds for Accor will amount to AU$85m (c. €55.5m).
Reef Casino is a complex located in Cairns (Northern Queensland, Australia), that includes a 128 room Hotel, and a Casino with over 500 gaming machines. The buyer is Aquis, a Hong-Kong based Investment Company.
The agreement is submitted to 90% acceptance for the IPO of RCT, and to regulatory approvals.
Accor, the world's leading hotel operator and market leader in Europe, is present in 92 countries with nearly 3,600 hotels and 460,000 rooms. Accor's broad portfolio of hotel brands – Sofitel, Pullman, MGallery, Novotel, Suite Novotel, Mercure, Adagio, ibis, ibis Styles, ibis budget and hotelF1 – provides an extensive offer from luxury to budget.
With more than 160,000 employees in Accor brand hotels worldwide, the Group offers its clients and partners 45 years of know-how and expertise.