Buyer found for Eureka hotel portfolio?
A $500 million portfolio of hotels controlled by Eureka Funds Management is likely to be sold to Equiset Grollo Group, controlled by Melbourne developer Lorenz Grollo.
EGG is undertaking due diligence EFM portfolio of hotels that includes the Intercontinental Hotel and the 385-room Crowne Plaza in Melbourne, the 210-room Crowne Plaza at Coogee Beach in Sydney, 288-room Holiday Inn in Potts Point and the 300-room Crowne Plaza in Canberra.
Mr Grollo has the won the backing of an unnamed capital partner to take over the five-asset portfolio. It is understood that the buyout was triggered Mr Grollo’s desire to acquire the Intercontinental property that stands next to the Rialto Towers on Collins St, built by Rino Grollo and destined for a $100 million redevelopment.
The Eureka portfolio is under the management of global hotel group IHG Management, which has agreements in place of 10 years or more.
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