Ascendas Hospitality Trust to divest Pullman Cairns hotel for $79.3m
Up to $2m will be distributed to shareholders.
Ascendas Hospitality Trust today revealed that it is divesting Pullman Cairns International for a cash consideration of $79.3m (AS$75.1m).
The consideration is 12.1% above latest independent valuation of A$67m. A portion of proceeds to be used to repay existing debt, providing greater financial flexibility, and up to S$2.0 million will be distributed to stapled securityholders