Iris Capital makes ‘largest’ hotel transaction for 2020
In what’s being described as 2020’s largest hotel transaction, Gilbert + Tobin has advised Iris Capital on an acquisition of 17 ibis hotels.
Firm: Gilbert + Tobin (Iris Capital).
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Deal: Iris Capital has acquired a portfolio of 17 ibis hotels from AccorInvest.
Value: $180 million.
Area: M&A.
Key players: The team advising Iris Capital was led by Gilbert + Tobin real estate and projects partner Amanda Hempel, with support from special counsel Jo Bayes and lawyers Isabelle Wong and Sara Ayoub.
Deal significance: The transaction sees Iris Capital acquire a portfolio comprising 17 hotels with 1,797 rooms, including the ibis Sydney Airport, ibis Budget Sydney Olympic Park, ibis Hotel & Apartments Melbourne, ibis Budget Brisbane Airport and ibis Newcastle.
The transaction has increased Iris Capital’s hotel portfolio to 45 and cemented its position as one of the largest accommodation hotel owners in Australia, according to a statement from G + T.
“This transaction highlights the team’s continued success in providing our clients with commercially astute and responsive advice, and we are very pleased to have helped Iris with this transaction,” added Gilbert + Tobin real estate and projects partner Amanda Hempel.