Property owners the ALE property group (ASX:ALE) has sold its Caloundra CBX hotel in Queensland for a 50% profit.
The company said it had arranged to sell the hotel to a private investor for $6.5 million – a 50% premium on its 2005 acquisition cost.
But as part of the deal, current hotel leaseholder ALH will have the option to acquire the hotel at that price within 20 days.
ALH is 75% owned by the Woolworths Group
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