Three hotels up for grabs Down Under

Lantern Hotels, an Australian Securities Exchange-listed hospitality group, has put three hotels on the market: The Brisbane Hotel in Perth, The Dolphin Hotel in Sydney, and The Alberts Hotel on the North Island of New Zealand.

While The Dolphin Hotel in Surry Hills is both owned and operated by Lantern Hotels, both the Brisbane and The Alberts properties are operated by other companies. The Brisbane is operated by noted publican Geoff Hayward, whose business Capital Management WA has the lease for the hotel until 2020, with four 12-year options available.

Lantern CEO John Osborn suggested that the sale was a strategic move by the company to divest itself of its non-core assets.

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In its 2015 annual report, Lantern Hotels said that as at June 30, its New Zealand portfolio consisted of three properties, adding: "Engagement with selling agents is ongoing to actively market the properties and they are expected to be sold in the next 12 months."