This article is from the Australian Property Journal archive
ASX-listed Lantern group has offloaded the Lawson Park Hotel at Mudgee in Central West of New South Wales for $4.05 million.
The sale price is in line with the 31 December 2015 book value.
Manenti Quinlan & Associates acted as agents for the sale. Gerry Quinlan said that after a competitive tussle the hotel was sold to an investor.
“The sale further consolidates the recent investment sales of the Racecourse Hotel, Wallsend and the Jemmy Moss Inn, Moss Vale. The value of the Lawson Park Hotel was underpinned by 15 gaming entitlements,” Quinlan said.
The sale is part of Lantern’s strategy to divest non-core hotels. The group has so far entered into contracts for the sale of eight properties, including seven hotels and a parcel of vacant land in Waikanae New Zealand, realising approximately $43 million.
The non-core hotels include the Central Hotel in Bundaberg and the Brisbane Hotel in Perth.
A sale process for the Central Hotel in Bundaberg is currently underway.
Once all currently contracted sales are completed Lantern will own nine hotels including seven core hotels that are owned and operated by Lantern and two non-core hotels that are owned by Lantern and operated by others.
The Lantern board has decided to retain the Brisbane Hotel in Perth as a passive investment, because it presents a better financial outcome for the group than selling it in the current market.
Australian Property Journal
