Moelis Australia Limited (ASX: MOE) has entered into an exclusivity agreement for the acquisition of both the real estate freehold and an operating business of the Beach Hotel, Byron Bay:
- The acquisition is for over $100 million, excluding transaction costs and remains subject to finalisation of sale and purchase agreements.
- The company will manage this fund, adding to its ~$4.7 billion of assets currently under management.
- The acquisition of both the real estate and operating business will reunite the common ownership of the real estate and operating business for the first time since 2007.
- If the transaction proceeds, the Beach Hotel will be managed by Moelis Australia Hotel Management, to retain most of the existing management operations and venue staff.
At AEST 01:14 PM, MOE quoted $4.580, down by 0.4% from the previous close.
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