Mr. David Charles Retires As MD And CEO Of Hotel Property Investments, Mr. Donald Smith Appointed To The Role

Hotel Property Investments

Mr. David Charles retired from the role of HPI’s Managing Director and Chief Executive Officer, giving the helm of Hotel Property Investments to successor Mr. Donald Smith.

In an announcement dated 17 October 2018, Hotel Property Investments (ASX: HPI) confirmed the resignation of Mr. David Charles as MD and CEO of the company. The announcement did not come as a surprise, as in November 2017 Mr. Charles had already indicated his intention to retire by the end of November 2018.

Hotel Property Investments, owner of freehold properties portfolio comprising pub sites, further announced that Mr. Donald Smith has been appointed as HPI’s new Managing Director and Chief Executive Officer with effect from 1 October 2018. 

Mr. Smith brings in over 20 years of experience in property and funds management with both listed and unlisted companies. Besides this, he has also held executive level roles while he was in OSK Property, Vicinity Centres and Colonial First State. On education front, Mr. Smith holds a Bachelor of Applied Science as well as Graduate Diploma in Banking and Finance.

Along with releasing information about the resignation and appointment of Director, the group has notified the substantial change in Director’s holdings. As on the date of change 17 October 2018, incoming director Mr. Donald Mark Smith has acquired 10,000 stapled securities of HPI at on-market trade for a value of $30,727.50.

Let’s take a recap of HPI financial performance?

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In the recently announced results for the fiscal year 2018, Hotel Property Investments posted 51.07% decline in profit compared to previous year’s profit of $98.89 million. This translates FY18 profit from ordinary activities after tax to $48.39 million and earning per security of 33.15 cents, 51.04% lower than previous 67.71 cents EPS. The revenue from operating activities has delivered negative growth with 40.66% decline to $71.45 million in FY18.

As at 30 June 2018 HPI’s portfolio was valued at $700.2 million reflecting an average Cap Rate of 6.5% and WALE of 5.3 years. Hotels occupancy during Fiscal 2018 was reported to 100% with net assets per security of $2.79, higher than $2.65 in FY17.

Despite increased finance cost experienced by the company in FY18, Board has announced total distribution of 19.6 cents for the Fiscal 2018, equivalent to previous year’s distribution. In guidance for FY19, the company expects the full year distribution to be 19.7 cents per security.

On 17 October 2018, the share price of HPI plunged 0.651% to close at $3.050 reacting to the news of leadership change.

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