Hotel and cinema operator Amalgamated Holdings (ASX:AHD) said it had arranged to acquire buy two of the hotels it manages for $34.2 million.
AHD has signed a contract to purchase hotels Rydges Gladstone and Rydges Townsville from the Abacus Hospitality Fund.
Both are 4-star hotels with around 95 rooms, and have been managed by AHD subsidiary Rydges since 2007.
AHD stock climbed 1.15% to $5.26 following the announcement.
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