Hotel Property Investments (ASX:HPI) enter agreements for two new hotel acquisitions

Company News

by Rachael Jones

Hotel Property Investments (ASX:HPI) has entered into agreements to acquire two metropolitan hotel properties for total consideration of $60 million.

They will buy Sydney’s Gregory Hills Hotel for $40 million and Acacia Ridge Hotel in metropolitan Brisbane, for a consideration of $20 million.

They will undertake a fully underwritten institutional placement to raise $30 million to partially fund the Acquisitions and associated transaction costs.

Share in Hotel Property Investments (ASX:HPI) last traded at $3.39.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.