iProsperity Group Pty Ltd and ZACD Group Ltd. (SEHK:8313) agreed to acquire Portfolio of 23 Hotels from AccorInvest for AUD 300 million on August 31, 2019. ZACD Australia Hospitality Fund will be a closed-ended real estate private equity fund with an estimated fund size of approximately AUD 48.24 million to be raised subject to available financing for the transaction. Transaction is subject to various conditions. Transaction is expected to complete in March 2020. iProsperity Group Pty Ltd and ZACD Group Ltd. completed the acquisition of 17 Hotels from AccorInvest for AUD 212.6 million in 2019. Due to the COVID-19 pandemic and deteriorated market condition, AccorInvest and buyers entered into a supplemental acquisition document in June 2020 whereupon Australia Hotel Portfolio has been negotiated and changed to exclude the 6 leasehold hotel properties, purchase price of AUD 212.6 million for the 17 hotel properties has been negotiated down to a lower price and completion of the Transaction has been rescheduled to an extended completion date, and which requires, among other things, an additional deposit amounting to AUD 8 million to be paid/procured to be paid by the buyers by June 24, 2020, which was later further extended to July 21, 2020. iProsperity Group is now under voluntary administration in Australia, will not be able to proceed with the transaction and failed to make the Additional Deposit for transaction. ZACD Group is in continuing communications with the Vendor on the possibility of continuing with the Transaction without iProsperity Group’s involvement or any other viable courses of action, and is meanwhile in discussions with potential investment partners to replace iProsperity Group. Craig Collins and Peter Harper of JLL Hotels & Hospitality Group acted as brokers in the deal.