Lantern Hotel Group
(ASX:LTN) has entered a contract to sell its Central Hotel at Bundaberg, QLD. The sale price was $1.95 million, which is 22% below the 30 June 2016 book value.
The company says that this is the better financial outcome, compared to investing further and waiting for the local market to recover.
The completion date for this sale will be some time in December, this year. However, that is subject to obtaining the necessary liquor and gaming approvals.
In the meantime, Lantern is continuing the process of selling off its non-core hotels.
Lantern reported a net profit of $7 million at 30 June 2016.
