Hospitality Net – As part of its asset management strategy, Accor announces the sale of its participation in the Reef Casino in Australia. This participation includes a 29% stake in Reef Casino Trust (RCT), a listed entity, as well as its 50% stake in the related businesses of RCT, i.e. Casinos Austria Cairns, and Reef Corporate Service. Total proceeds for Accor will amount to AU$85m (c. €55.5m).
Reef Casino is a complex located in Cairns (Northern Queensland, Australia), that includes a 128 room Hotel, and a Casino with over 500 gaming machines. The buyer is Aquis, a Hong-Kong based Investment Company. The agreement is submitted to 90% acceptance for the IPO of RCT, and to regulatory approvals.
