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Elanor Investors fund closes A$104M purchase of 6 Australian hotels

Investment manager Elanor Investors Group's Elanor Metro and Prime Regional Hotel Fund has finalized the purchase of a portfolio of six Australian hotels for A$103.9 million.

Elanor-managed Elanor Hospitality and Accommodation Fund previously owned the portfolio, which features two Ibis Styles hotels in Port Macquarie and Ainslie; Mantra Wollongong in Wollongong and Mantra Pavilion Wagga Wagga in Wagga Wagga, Parklands Resort Mudgee in Mudgee, and the Peppers Cradle Mountain Lodge in Cradle Mountain.

Together with the three Australian hotels Elanor Metro and Prime Regional Hotel Fund, or EMPR, already owns, the fund's portfolio now comprises nine hotels, with 774 rooms, independently valued at over A$177 million, according to a release.

As part of the transaction, Elanor Investors formed a strategic joint venture with Australia's National Roads and Motorists' Association to co-invest alongside EMPR investors to offer transport options and tourism services to the association's members and other local customers.

EMPR was set up in October 2017 to acquire hotels with expansion or alternate use potential and has a current size of A$73.2 million, with a target of growing to about A$200 million within 18 months of its launch.