Hotel Property’s In Line 1H19 Results sees No Change to its AUD 3.05 FVE
Uncertainty as to Coles’ long-term strategy with respect to its pub business prompts a reduction in Hotel Property Investments' moat rating to none from narrow, but its fair value estimate is unchanged at AUD 3.05 per security. We believe Coles would prefer not to be in the business of operating pubs due to their reliance on poker machine revenue. Nonetheless, Coles will need to retain these pubs in order to maintain its liquor retailing business under Queensland’s restrictive regulations, which...Hotel Property Investments is an Australian Real Estate Investment Trust. Co. is engaged in real estate investment in the pub freehold sector in Australia. Co. owns a portfolio of 48 investment properties including 41 freehold pubs (and adjacent specialty tenancies) and 7 detached bottleshops leased to members of the Coles Group.
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