KKR has confirmed a joint venture whereby its business Australian Venue Co Ltd (AVC) assumes control of a portfolio of 87 hotels owned by Australian retailer Coles.
The deal hands over day-to-day operations of the Spirit Hotels chain to AVC. Coles will receive cash proceeds of around A$200 million upon completion.
Spirit Hotels, which include gaming operations, are located across three Australian states, with the majority in Queensland.
Partis provided due diligence services to KKR relating to the transaction.