Hotel Properties' associate acquires hotel site in Tuscany for $35.5 mil

SINGAPORE (Nov 20): Leisure Ventures, an associated company of Hotel Properties Limited (HPL), is acquiring the freehold interest of a 740-acre hotel site in Tuscany, Italy, for EUR 22.6 million ($35.5 million).

Castello Del Nero is a 50-key five star hotel with spa, two restaurants and a fully consecrated chapel in Tuscany Italy. In addition to the hotel and facilities, there is a separate agro-tourism accommodation with 12 apartments, vineyards and olive trees producing grapes and olive oil for sale, plus five additional residences with consent for refurbishment into independent villas.

The entire interest in Castello Del Nero is held by Castello del Nero S.p.A through 1,103,290 shares. For the purpose of the acquisition, Leisure Ventures has set up a wholly-owned subsidiary company in the United Kingdom known as Leisure Ventures Europe Limited (LVEL) which has entered into the sale and purchase agreement with vendor Rej Investments for the sale of Castello del Nero S.p.A.

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