First Sponsor unit disposes Dutch hotel stake for 6.88m euros

A 31.4 per cent owned associate of First Sponsor Group is selling its stake in Dutch hotel Bilderberg Landgoed Lauswolt for 6.88 million euros (S$10.8 million).

First Sponsor's associate Queens Bilderberg (Nederland) has on June 9, 2018 reached an agreement to sell its 18,152-share stake in Landgoed Lauswolt - which owns the hotel, at one euro apiece, to Landgoed Oranjewoud Participaties, the property player said on Monday before the market opened.

Bilderberg Landgoed Lauswolt is a 65-room five-star hotel in Beetsterzwaag, the Netherlands. The hotel sits on a parcel of freehold land with a total gross floor area of about 6,815 square metres. It is operated by Hotel Opco.

Upon completion of the disposal, Landgoed Lauswolt and its wholly owned subsidiary, Hotel-Restaurant Lauswolt, will cease to be associated companies of First Sponsor.

First Sponsor shares last traded on Friday at S$1.27.