Redcape Hotel Group Management Ltd (ASX:RDC) has acquired the Gladstone Hotel in Sydney New South Wales for $38.0 million.
The Gladstone Hotel in Dulwich Hill, Sydney has been with the same family for 40 years. A quality Freehold Going Concern asset which means that the family is the owner of the property, building and also operate the business.
The hotel will now benefit from Redcape's operational platform and refurbishment capability.
Shares in Redcape Hotel Group Management Ltd (ASX:RDC) are trading 0.5 per cent lower at $1.00.