Hotel Property Investments Ltd (ASX:HPI), in its principal tenant rental update has confirmed to delay part of the rent for the period April 2020 to September 2020 in a commercial agreement with its principal tenant, Queensland Venue Company (QVC). The rent deferred totals to $7.5 million excluding GST.
The move came after social distancing and lockdown measures imposed by the Australian government due to COVID-19 closed hotels and bars resulting in constrained operations for the company’s tenants.
The full deferred rent amount will be paid to HPI between February 2021 and June 2022.
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