The heritage-listed and battle-trophy Courthouse Hotel Cairns has become a dormant site of itinerants and drug paraphernalia since Council purchased it from Pelathon last December. Built in 1922 as part of a scheme to employ returning WWI soldiers, the building was Cairns’ official Court building until 1998, after which it was converted into a hotel. […]
The ASX-listed Lantern Hotel Group recently completed a very public exit from the hotel game. PubTIC spoke with CEO John Osborne about the Group’s problems, the subsequent solution, and those jaw-dropping premiums to book value. Emerging from a failed pub REIT created by finance giant ING, Lantern became an owner-operator, with around two-dozen pubs and
The feeding frenzy of Lantern’s pub sell-down has ended with the sale of the Crown Hotel to Damian Kelly’s Peak Investments for $26.1 million. The ASX-listed Lantern Hotel Group (LTN) has executed a well-publicised and highly strategic divestment program of 16 assets that began as a debt rescue mission in late 2015, and gaining momentum
Preceding its final sale campaign announcement, Lantern has revealed divestment of the last asset in its portfolio, Sydenham’s General Gordon Hotel, for a super-premium $18.1 million. The General has bypassed a public sale process and been bought by an unnamed Sydney publican, in conjunction with property operation White & Partners. The listed Lantern Hotel Group’s
Continuing its run of blockbuster sales capping 2016, Lantern Hotel Group has listed its second-last, landmark Surry Hills corner pub, the Crown Hotel. The ASX-listed Lantern has all but completed the strategic sell-off of its entire pub portfolio, executing a faultless divestment program since gaining shareholder approval to do so last October. What began in
The Lantern pub flood continues as the listed entity puts its high-ranking Waterworks Hotel to market. While the procession of sales into a market short of supply have seen immense interest by operators eager to optimise the assets, few have offered the potential of the Waterworks, in the heart of the robust Botany LGA. The
FINAL COUNTDOWN BEGINS AS WATERWORKS HOTEL LISTED Read More »
Lantern has sold its best yet to former Wallaby Bill Young, in a swift campaign fetching another big premium at nearly $29 million. Coming to market less than two weeks ago, the ASX-listed Lantern (LTN) has announced the sale of prominent Five Dock Hotel, for $28.75 million. This is an enticing 38 per cent above
Hot on the heels of highly profitable divestments, Lantern has listed its best pub onto the opportunity-starved market. After 12 months of shedding assets, in pursuit of a turnaround strategy that has transformed into a complete sell-down as market frenzy brings about premium prices, the top-ranked Five Dock Hotel is due to be the last
Listed Lantern Group’s final countdown has begun, with news of the premium sale of Uncle Buck’s Hotel to the family-operated De Angelis Group. The ASX-announcement by Lantern (LTN) said the sale price of $25.3 million represented a 30.5 per cent premium to the 30 June book value. Uncle Buck’s in Mount Druitt fits neatly into
DE ANGELIS WELCOMES LANTERN’S UNCLE BUCKS PREMIUM PUB Read More »
Lantern Hotel Group’s AGM yesterday saw shareholders pass a resolution to sell down the remaining six properties in the portfolio, meaning more key assets to meet a starved market. Following successes divesting all its ‘non-core’ pubs in line with the mandated turnaround strategy for the flailing company, achieving an 18.5 per cent premium to book
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