Acacia Real Estate has acquired a 50 percent stake in three hotels in Thailand through a joint venture with Spanish private equity firm Meridia Capital and Capital Hospitality Group, a specialized hotel investment firm, according to a report from Gulf Daily News.
The deal is expected to generate an IRR of 20 percent per annum for a five-year holding period.
The three five-star hotels comprise a total portfolio of 500 rooms. They operate under the names The Evason Phuket & Six Senses Spa, Evason Hua Hin & Six Senses Spa and Evason Hua Hin Hideaway & Six Senses Spa. They are located in Hua Hin and Phuket, and operated by Six Senses Resorts & Spas, which is based in Bangkok. Six Senses owns the remaining 50 percent of the portfolio.
In March the firm acquired a 49 percent stake in an information technology park in Noida, India for $69 million. The firm has been specifically targeting India, having opened an office in Mumbai.
Acacia was established in 2006 by the Bahrain bank TAIB, set up with an initial $500 million and tasked with finding income-generating properties and make both conventional and shariah-compliant investments. The firm started with initial paid-up capital of $150 million, raised from TAIB, GCC-based institutions and individuals, and partners from the United States and Europe.
Meridia Capital is currently investing its first fund, Meridia Capital Hospitality I, which is acquiring and developing hotel real estate in urban and resort areas. The fund closed in early 2007 with €150 million of commitments. That fund is specifically targeting hotel real estate in Europe, Latin America, the Caribbean and selected emerging markets such as Morocco, Turkey and Thailand. India is also on the list. In March the firm made its first investment in Europe, acquiring an eight-story property next to the Paris Opera Garnier and Gallerie Lafayette in Barcelona.