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Global Premium unit buys Tasmania hotel for A$7.2m
GLOBAL Premium Hotels (GPH) announced after trading hours on Tuesday the acquisition of a hotel property in Australia's Tasmania state for A$7.2 million (S$7.7 million) through a newly incorporated subsidiary.
The hotel group said that its new subsidiary, GP Hotel Launceston TAS Pty Ltd has entered into a sale and purchase agreement to buy Clarion Hotel City Park Grand in Launceston's central business district.
The 32-room property, sited on 4,652 square metres of freehold land, is being operated as a 4.5-star luxury boutique hotel. The property will continue to be leased to the current hotel operators over a two-year term from the completion of the acquisition. GPH will explore various options including redevelopment to maximise its value thereafter.
The newly incorporated subsidiary in Australia, GP Hotel Launceston, will have an initial paid-up capital of A$1 million.