HTL Property curates portfolio sale with ASX listed company HPI.
Six Australian Venue Company (AVC) leased hotel freehold assets have been sold to the continually acquisitive Hotel Property Investments (HPI) in a market leading deal.
The six hotel assets, all located in Qld, will have new 20 year leases initiated with AVC; and represent a blended yield of 7.75%.
“We’re delighted to have managed the multiple sale of hotels to HPI and on behalf of our valued Queensland client base” advised HTL Property Director, Glenn Price.
“We’ve been working across borders for some months now with HPI, AVC and other national aggregators, and we look forward to announcing further deals of materiality and market interest in the next few weeks” added HTL Property Director, Brent McCarthy.
The sale of the six hotels to HPI ensures the national hotel transaction volumes for the current Financial Year will exceed the $1.3bn record high of FY2019; and separately highlights the national footprint such deal activity now encapsulates.
“Sydney publicans have typically looked North to Queensland when local opportunities have been limited, but with Merivale’s latest incursion into Victoria with over $80m worth of assets already acquired, we are witnessing a shift in the lens through which the national market is now being viewed by the leading players” advised HTL Property Managing Director, Andrew Jolliffe.
“As such, HPI’s svelte acquisition of these geographically strategic properties, indexed to such a strong lessee covenant, applies further rigidity to the long term trajectory the asset class is enjoying” Jolliffe concluded.
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