Elanor Investors Group (ENN) has added to its Australian portfolio with the acquisition of three hotels via its Elanor Metro and Prime Regional Hotel Fund (EMPR).
The AU$80.6 million multi-asset managed fund, EMPR, was seeded by Ibis Styles Eaglehawk Canberra, an Elanor-owned property. The announced completions see EMPR’s portfolio expand to include the Ibis Styles Canberra and the Byron Bay Hotel and Apartments.
“We are delighted to have assisted our client on the acquisitions and financing for the Elanor Metro and Prime Regional Hotel Fund, which successfully completed on 6 November 2017,” said Squire Patton Boggs partner, hospitality and real estate specialist, Rahul Parrab.
The transaction is reflective of continued strength in the Australian hospitality sector, which includes metro and prime regional destinations. The leisure, business and education tourism market continues to support growth and development across Australia.
Squire Patton Boggs’ industry-focussed approach to acquisitions and financing has been strongly supported by the newly arrived banking and finance partner Hai-Dang Nguyen who assisted EMPR on the fund’s financing.
The acquisitions were led by Rahul Parrab, with Hai-Dang Nguyen on financing; they were supported by Greg de Mesquita (senior associate), Kevin Lee (associate) and Hugh Pilkington (associate). The lender was represented by partner Hugo Thistlewood of DLA Piper, Sarsha Housham (senior associate) and Philip Charteris (associate), also of DLA Piper.