Friday, December 17, 2010

Pacific Hotel

Pacific Hotel: Annouced that it will buy the 276-room Hilton Melbourne Airport Hotel for $142m. Contract is subject to certain conditions including approval from the Foreign Investment Review Board of Australia. Grp which also owns the Parkroyal Darling Harbour, Parkroyal Parramatta in Sydney, and Sheraton Perth - intends to operate its latest acquisition as a Parkroyal hotel….

Proposed acquision is part of PPHG’s plans to expand its hotel property portfolio and hotel management businesses in the Oceania region to enhance the collective operating efficiency of the PPHG Group's three other hotels in Aus, through economies of scale and greater brand awareness…

Deal is expected to be completed Mar 31, 2011 and funding will be through bank borrowings and internal resources.

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