HNA Group to buy Novotel Twin Waters for $130m
China's HNA Group is to acquire Novotel Twin Waters Resort in Australia for about USD 130 million.
HNA Group recently acquired Carlson Hotels, operator of the Radisson brand, for about USD 2.7 billion. It also owns one of China's biggest airlines, Hainan Airlines and has a 13% stake in Virgin Australia. Last year it had revenues of USD 38 billion.
The sale of the 361-room Sunshine Coast hotel, operated by Accor Australia, and owned by the unlisted Abacus Hospitality Fund (managed by the listed Abacus Property Group) is in due diligence with HNA Group the likely buyer.
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