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Accor sells its stake in Reef Casino

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Published on 24/02/14 - Updated on 17/03/22

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Reef Casino Cairns

The hotel group sells its stake in the Cairns hotel complex, for AU$ 85 million (close to €55.5 million).

As part of its asset management strategy, Accor announces the sale of its participation in the Reef Casino in Australia to Aquis, a Hong-Kong based Investment Company. Total proceeds for Accor will amount to AU$85m (c. €55.5m).

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. 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 agreement is subject to 90% acceptance for the IPO of RCT, and to regulatory approvals.

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