By Triana O'Keefe, editor Australian Hotelier

Redcape Hotel Group today announced it has exchanged contracts to acquire the Landmark Hotel in Eastwood.

The announcement follows a decision last month to lodge development plans for the group's existing Eastwood site, Eastwood Hotel.

The acquisition will increase the group’s portfolio of owned assets to 27 hotels across New South Wales and Queensland and settlement is expected to take place in late 2014.

 “We are very pleased to be acquiring the Landmark Hotel,” said Redcape CEO, John Russell.

“The venue provides attractive revenue streams across food, beverage and gaming and is aligned with Redcape’s focus on providing exceptional venues positioned at the heart of their local communities.

“The purchase of Landmark is a clear fit with Redcape’s strategy of undertaking selective and earnings-accretive acquisitions, and we are encouraged by the strong potential to apply our operational expertise to unlock additional value in the asset.”

The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

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