IPC

IPC announced that it has acquired the 117-room Hotel Resol Sapporo, a business hotel in Hokkaido, Japan for $6.5m. The purchase is funded fully by internal resources with part of the rights proceeds completed in Jul 12. The Sapporo hotel is leased with a fixed term till Dec 13 to Resort Solution, which operates 12 hotels under the Hotel Resol brand and 16 hotels and spas in Japan. The transaction is expected to have a positive contribution in FY13 and is in line with the group’s strategy to acquire more income generating assets with the view of having a constant income stream. Including the Sapporo Hotel, IPC has purchased a total of 6 business hotels with total of 924 rooms in Japan over past 30 months. For 9M12, the group booked a net profit of $0.7m on revenue of $15.1m. Book NAV stood at $0.2027.