ABACUS has appointed Paul Lonergan to head up the $265 million Abacus Hospitality Fund.
Lonergan was previously the managing director AHL-Hospitality and Leisure (Rydges Hotels and Resorts) and was responsible for more than thirty hotels in
During that time, Lonergan worked with Abacus in the appointment of Rydges as manager of three assets owned by the fund.
Lonergan will assume overall responsibility for the fund, which has grown rapidly from its initial launch in December 2006 with three hotels and total assets of $140 million.
Today, the fund holds six hotels and total assets of approximately $265 million with further acquisitions under consideration.
The fund’s portfolio includes the Swissôtel Sydney; Novotel Twin Waters; Rydges Tradewinds Cairns; Rydges Southbank Townsville; Rydges Gladstone; and Chateau on the Park in New Zealand.
“Paul’s specialist hotel expertise strengthens the management team and will accelerate the growth of the Abacus Hospitality Fund,” Abacus’ managing director Dr Frank Wolf said.
“His appointment reflects the continued growth and strength of the Abacus Property Group which now has total assets under management of more than $2 billion,” Wolf concluded.
Australian Property Journal
