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Grand Hotel’s $500m hotel sale!
With a low bid from Malaysian owned Mulpha Australia on the table, it seems likely that rather than accept the bid, Grand Hotels will dispose of its entire $500 million+ hotel portfolio.
In what will become the biggest hotel sale offering this year, Grand announced yesterday that it would seek shareholder approval at next month’s AGM to sell its assets at or above book value and wind up the Group.
Grand Hotels own the five-star Hyatt Hotels in Melbourne, Perth, Adelaide and Canberra in addition to two Chifley Hotels and one Country Comfort hotel.
Grand Chairman Bill Conn said that the group would move to sell those hotels within nine months of shareholder approval, with the assets offered for sale in one line or individually, adding that because the hotel industry is so very attractive at the moment, it is probably the best time to realise the assets and return the money to shareholders, so people have encouraged us to think along those lines.
He said the group had been approached by a number of parties interested in buying some or all of the hotels, and while Mr Conn would not comment on potential bidders they are thought to include GE Real Estate, Thakral Holdings, Mirvac and GPT.
Report by The Mole
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