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Article: Australian hotel fund puts spice into Peppers.
- Article from:
- Australasian Business Intelligence
- Article date:
- March 3, 2003
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Copyright informationCOPYRIGHT 2003 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Mar 02, 2003 (The Australian Financial Review - ABIX via COMTEX)
The Peppers Hotel Trust has returned to profit under the ownership of Hotel Capital Partners. The trust, renamed Australian Hotel Fund, delivered a $A2.2 million profit for the six months to 31 December 2002. The same period in 2001 saw the fund lose $A6.46 million. Stephen Burt, managing director of Hotel Capital Partners, said the company had sold off three non-performing assets shortly after taking control of Peppers in June 2002. The $A15.95 million gained was $A1.45 million above the book value of the assets and helped reduce the funds debt ...
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