Hotel Property is the owner/landlord of 42 hotels, of which 41 are leased by and operated by Coles ((COL)). Coles has entered a JV with Australian Venue Co in relation to its hotels business.
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The broker notes Hotel Property Investments priced long-term debt finance of A$230m via the US Private Placement (USPP) market. This, the analysts point out, materially increases its weighted average debt tenor while diversifying funding sources.
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FY16 results held no surprises for Morgans although FY17 distribution guidance of 19.5c is above expectations.
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