RECEIVERS and managers have been appointed public Allied Hospitality, which leases two properties from ING Entertainment Fund.
Allied currently tenants two of the fund’s 34 properties, namely the Exchange Hotel and the GPO Hotel in Brisbane.
The hotels represent circa 8% of fund income, and IEF expects the receivers and managers to continue to meet the tenant’s lease obligations. In addition, IEF has the benefit of a bank guarantee to minimise any revenue impacts on the fund.
IEF said it is in discussions with the relevant parties and will work with the receivers and managers to resolve any issues with the intention of keeping the hotels operating. It is expected the receivers and managers will operate the hotel businesses and continue to meet the tenant’s lease obligations.
Australian Property Journal
