Elanor Investors Group has completed a $25 million capital raising for the Elanor Hotel Accommodation Fund (“EHAF”) to acquire the Chateau Yering, Yarra Valley (“Chateau Yering”) and Wildes Boutique Hotel, Kangaroo Valley (“Wildes”) accommodation hotels.
Chateau Yering and Wildes are both high investment quality accommodation properties located in popular regional tourism destinations servicing key ‘drive’ markets of Melbourne and Sydney. The acquisitions have significant income and capital upside potential that will be executed by Elanor’s dedicated hotel operating platform. These acquisitions grow the value of the Fund’s portfolio to $411.8 million.
Elanor Head of Hotels Tourism and Leisure, Marianne Ossovani, said: “We are excited about the opportunities presented by the Chateau Yering and Wildes acquisitions and are confident of delivering strong investment returns through our integrated hotel operating and asset management platform. We look forward to growing the EHAF portfolio to over $500 million in the short term.”
ENN has acquired the conference and events centre, CountryPlace, located in the Dandenong Ranges, Victoria. CountryPlace is an award-winning conference centre that will be converted and repositioned, by Elanor, into a significant regional accommodation property for EHAF following its conversion.
ENN CEO, Glenn Willis, said: “These funds management initiatives further leverage our market-leading hotel operating platform and repositioning capability to grow value for investors. We are pleased with the significant investor support for the acquisitions and look forward to introducing further capital partners to EHAF as we continue to grow the Fund.”
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