Sold by owner-occupier Lixar Group
The property has low- and medium-density housing potential
The sale price worked out to a cap rate of around 6%
The asking price translates to a 7% capitalization rate
REIT concludes a year-and-a-half-long strategic review
A new hotel operator is being sought
The proposal would add nearly 100 more units
Picked up under asking by a private investor
Construction of the property finished in 2022