Folkestone acquires Mercure Sydney international airport hotel

Company News

by Kathy Skantzos

Folkestone’s (ASX:FLK) real estate management subsidiary has announced the acquisition of the Mercure Sydney international airport hotel.

The cash consideration for the transaction is $76.4 million, excluding transaction costs.

The 271-room hotel is operated by the Accor group under their Mercure brand.

It is located a kilometre from Sydney’s international airport terminal and 3 kilometres from the domestic terminal, 9 kilometres from Sydney’s CBD.

Folkestone plans to undertake extensive refurbishment of the hotel.

Shares in Folkestone’s (ASX:FLK) last traded at $1.15.