SINGAPORE (Nov 8): Global Premium Hotels has set up an Australian subsidiary, GP Hotel Launceston to facilitate the acquisition of Clarion Hotel City Park Grand in Launceston, Tasmania, for A$7.2 million (S$7.6 million). The freehold property has a land area of 4,652 sqm and is currently operated as a 4.5-star boutique hotel located in Launceston’s central business district, within walking distance to attractions such as Queen Victoria Museum and Art Gallery, and the Country Club Casino. The property will be leased to the current operators for two years after completion, after which Global Premium Hotels will explore options including redevelopment to maximise its value. The acquisition is not expected to have any material impact on earnings for FY16. Shares in Global Premium Hotels closed flat at 29 Singaporean cents on Tuesday.

Source: The Edge Markets November 08, 2016 11:13 UTC