National Leisure & Gaming has withdrawn from the purchase of the Courthouse Hotel in Cairns due to delays in settlement.
In October 2006, NLG announced its plan to acquire a 55-year leasehold of the Courthouse, including options, for $5.45 million, with settlement due in the December 2006 quarter.
NLG’s managing director Noel Phillips said the withdrawal would not have an impact on NLG’s growth profile.
“Our strategy of buying in high profile locations within established and growing suburbs and regional centres has seen our portfolio expand from three to eleven hotels since our initial public offering in December 2005.
“We are in ongoing discussions and looking for opportunities in Queensland and New South Wales, and are confident we can replace the Courthouse with another quality investment,” he added.
NLG recently entered the NSW market with the purchase of the leasehold business of the three-hotel Brewhouse portfolio in Sydney.
Australian Property Journal
