The Lantern Hotel Group
(ASX:LTN) has entered into contracts to sell its Lawson Park Hotel in Mudgee, NSW.
The Lawson Park Hotel will be sold for $4.05 million, which the Group says is in line with its 31 December 2015 book value. The Group also expects this deal to complete by mid-September.
Lantern’s strategy is to sell off its non-core hotels. It has sold eight of these hotels to date. Lantern expects to earn $43 million from divesting its non-core hotels.
Lantern reported a net loss of $101,000 at 31 December 2015.
