Hotel giant AccorHotels reached an agreement with Abu Dhabi Investment Authority to acquire 15 economy hotels in Australia.
The $145 million portfolio includes the 250-room Ibis Melbourne and the 200-room Ibis Sydney Airport, as well as five Ibis Budget hotels.
Earlier this year, the France-based company purchased Canadian FRHI Hotels & Resorts, the parent company of luxury brands Fairmont, Raffles, and Swissôtel. That deal adds more than 100 high-end hotels to Accor’s portfolio, including London's Savoy and New York's Plaza Hotel.
AccorHotels currently operates more than 3,800 hotels in 94 countries, under the Sofitel, Pullman, MGallery, Grand Mercure, and Novotel brands.