TP Real Estate Holdings, a 50-percent-owned subsidiary of Plato Capital, is selling a Melbourne hotel for $52 million.
The subsidiary, through two vehicles, will sell the building for $51.7 million and the hotel business for $0.3 million. The deal is expected to be completed by March 4.
The hotel business is currently operated under the Tune brand, but the buyers of both the property and hotel business were not disclosed.
According to the Business Times, Plato currently carries its stake in the property and hotel business at a net book value of $16.5444 million. Sales proceeds will repay property-related loans of as well as expenses and fees related to the transaction. Plato expects that its share of whatever is left over will be about $13.14 million, which will represent a gain of $6.845 million.