Stamford Land Corporation says it has signed a Memorandum of Understanding (MOU) for the sale and lease-back for three of its hotel properties: the Stamford Plaza Melbourne, Stamford Grand Adelaide and Stamford Plaza Sydney Airport hotels.
Stamford Land says the prospective purchaser, whose identity of which is required to remain undisclosed at this point in time, is not affiliated and/or related to the company, the company’s directors or substantial shareholders.
Under the proposed sale & Lease-back, these three hotels will be purchased by the prospective purchaser for an indicative consideration of A$316 million ($399 million). Following their sale, the three hotels will continue to be managed and operated by the Stamford Group under long-term lease-back arrangements.
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