Newly Listed Hotel Group Secures Two Prominent Perth Hotels
Newly Listed Hotel Group Secures Two Prominent Perth Hotels
29 January 2008 The newly-listed Compass Hotel Group (Compass) has exercised the put and call options put in it's recent Offer Document to acquire two more prominent hotel and tavern properties in Perth's northern and southern regions.
Through exercise of the option Compass has now entered into contract to purchase the Greenwood hotel in Greenwood and The Lakers Tavern in Thornlie, with settlement of the latest acquisitions, expected to take place in Ferbruary, 2008.
Both Perth properties, covering a combined 12,437 square metres, take the Compass portfolio of hotels and adjoinging properties to 14 properties with the total acquisition price being $190 million.
Compass succesfully completed its fully-underwritten Initial Public Offering of 123 million Stapled Securities at $1 each, in December, and has recently put in place a $97 million five year debt facility to finance these and other acquisitions.
Compass Managing Director and CEO, Bryan Northcote, said "the properties specified in the initial portfolio have been identified for their exceptional positioning and redevelopment potential, and have also been selected in locations exposeed to strong population and economic growth.
The Greenwood Hotel and Lakers Tavern are well located in the north and south of Perth and both represent great opportunities to bolster our operations in one of the fastest growing cities in Australia", he added.
He said the combined buying power of Compass would provide significant benefits and cost savings in the procurement of stock and promotion of the hotel businesses.
Bryan Northcote
Compass Hotel Group
(02) 8908 9500
Tim Allerton
City Public Relations
(02) 9267 4511
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Results of AGM
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Chairman's Address at AGM
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Annual Report June 2009
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Full Year Results June 2009
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Extension to Suspension
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Appendix 4E and Consolidated Financial Statements
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