Partners Group, a private equity firm, completed the acquisition of a eleven hotels of Travelodge, from property groups Mirvac and NRMA, for $457m. "Given our Relative Value approach, we have been monitoring Australia's hospitality sector over the last year for value-add opportunities created by the fall-out from Covid-19. This portfolio represents an excellent opportunity to acquire well-located assets and gain immediate scale in the sector at a discount to pre-pandemic prices. We particularly like this portfolio as it provides initial income with potential for further yield through transformational value creation strategies. It also provides a significant foothold from which we can scale towards a larger portfolio over time," Rahul Ghai, Partners Group Managing Director.