Redcape Hotel Group Management Ltd, as responsible entity of the Redcape Hotel Group (ASX:RDC) has exchanged contracts to divest the St George Hotel, Belmore in NSW for $47.1 million.
This represents a 2.7 per cent premium to the June 2019 independent valuation.
Redcape CEO Dan Brady said: “The Australian pub industry is highly fragmented and has been very active. The sale of the St George Hotel, Belmore is in line with our approach of actively managing the portfolio to maximise returns for our securityholders."
Redcape reaffirms that its guidance for FY20 remains unchanged post settlement of the sale.
Shares in Redcape Hotel Group (ASX:RDC) last traded at $1.07.