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ADIA buys 31 Accor-branded hotels in Australia

Abu Dhabi's sovereign wealth fund has concluded a deal to buy Australia's largest owner of hotels, Tourism Asset Holdings Ltd, gaining ownership of 31 properties in major cities, Bloomberg has reported. A subsidiary of Abu Dhabi Investment Authority (ADIA) has signed a conditional contract to buy the Sydney-based closely-held hotel owner, which said the hotels will continue to be operated by Paris-based Accor. The transaction was valued at about A$800m, Australian media reports said, without saying where they got the information.