Accor Group Sells Its Stake in Reef Casino in Australia for AU$85m
February 25, 2014 - 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 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.
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