Hotel Property Investments (ASX:HPI) enter agreements for two new hotel acquisitions
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.
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Source: Finance News Network
