Sydney's Elanor Investors looks to acquire six Australian hotels

Cradle Mountain Lodge

Six Australian hotels—including the $39-million Peppers Cradle Mountain Lodge in Tasmania and the Mantra at Wollongong—may get new ownership if Sydney-based Elanor Investors Group can raise $50 million for a new fund. The Group, backed by former Macquarie real estate boss Bill Moss, wants to grow the new fund from $100 million worth of properties to $200 million by end of fiscal-year 2017.

According to an information memorandum obtained by The Australian Financial Review, the Elanor Hospitality and Accommodation Fund is forecasting a distribution yield of about 13.7 percent per year.

The fund will use a $52-million facility from the Commonwealth Bank of Australia to finance the purchase of the six hotels.

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The other four hotels will include Best Western Port Macquarie, Best Western Tall Trees in Canberra, Mantra Pavilion in Wagga Wagga and the Parklands Resort in Mudgee, NSW.

Source: Australian Financial Review

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