Echo Entertainment has announced will sell its Jupiter Townsville hotel complex to the private hospitality company Colonial Leisure Group in a deal expected to return an $8 million pre-tax profit.
The announcement come just months after the company’s general meeting where Echo said all its Queensland properties, including Jupiters Townsville, would be receiving a $1.5 billion revamp.
Echo chief executive officer John Redmond told investors today that Jupiters Townsville was no longer a strategic fit with the rest of the group’s portfolio.
Colonial Leisure Group said it was excited about the opportunities to follow the acquisition.
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