ASX-listed fund manager MA Financial has kicked off plans to accumulate a $1 billion-plus portfolio of accommodation hotels, after recruiting former Toga chief investment officer Anthony O’Hea to source acquisition opportunities and take charge of the new asset class.

MA Financial chief executive Julian Biggins told The Australian Financial Review accommodation hotels were a complementary fit to pubs, where the fund manager has deep exposure through the $1.4 billion Redcape Hotel Group and other assets, and were “great cash yielders” in a “scalable investment market”.