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.