NRMA partners with ENN to strengthen hotel portfolio
The NRMA has increased its reach into the tourism and leisure sector by partnering with Elanor Investors Group (ENN). The partnership occurs in the wake of ENN’s acquisition of six hotels by the Elanor Metro and Prime Regional Hotel Fund (EMPR), increasing their portfolio to nine properties.
It’s an initiative that’s strongly aligned to the NRMA’s strategy of providing more tourism services to its 2.3 million members and almost 6 million Australians who engage with the NRMA each year.
“This strategic partnership helps further position the NRMA on its path to becoming Australia’s largest transport and tourism provider and opens significant Member benefits at some of regional Australia’s most sought after hotels, said NRMA Chief Investment Officer, Rachel Wiseman.
“It will also open doors to further growth in the accommodation sector generating more value for our Members.”
EMPR was established in October 2017 to acquire strongly-yielding hotels with significant and high quality expansion or alternate use potential. The EMPR Fund will now have a portfolio of properties independently valued at over $177 million.
The hotels include:
- Ibis Styles Eaglehawk, Sutton, NSW
- Ibis Styles Canberra, Canberra, ACT
- Byron Bay Hotel and Apartments, Byron Bay, NSW
- Mantra Wollongong, Wollongong, NSW
- Ibis Styles Port Macquarie, Port Macquarie, NSW
- Ibis Styles Tall Trees, Ainslie, ACT
- Mantra Pavilion Wagga Wagga, Wagga Wagga, NSW
- Parklands Resort Mudgee, Mudgee, NSW
- Peppers Cradle Mountain Lodge, Cradle Mountain, TAS
The NRMA has committed additional capital to support further growth of the EMPR fund, however ENN continues to hold a material co-investment in the EMPR fund following the transaction.
“The transaction provides the opportunity to grow revenue following the refurbishment of a number of the properties,” said Marianne Ossovani, ENN’s Head of Hotels, Tourism and Leisure. “In addition, and core to the EMPR fund strategy, each of the properties in the fund benefits from expansion or alternative use potential.”
Glenn Willis, ENN’s Managing Director and Chief Executive Officer, said the transaction further reflects the Group’s ability to initiate and complete strategic growth initiatives.
“We are excited by both the near-term and long-term prospects of this strategic partnership with NRMA,” Willis said.
