Hotel Property’s Moat Rating Downgraded on Uncertainty About Coles’ Pub Strategy, But FVE Unchanged
A change in analyst prompts a reduction in narrow-moat Hotel Property Investment’s fair value estimate to AUD 3.05 per stapled security from AUD 3.40. The reduction is driven by the risk that Coles will circumvent Queensland’s restrictive liquor licensing legislation, enabling it to exit its pub business. The defensive characteristics of inflation linked rents, restrictive liquor licensing laws, and investment-grade tenant in Coles are the main reasons to invest in Hotel Property. However, there...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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