Compass settles 13 WA hotels

The newly listed Compass Hotel Group has announced it has now settled the final acquisitions of 13 hotels in Perth and its metropolitan area, with another hotel remaining under leasehold.

The Compass portfolio of 14 properties, with the settled acquisition cost totaling approximately $190 million, is now under the full control of the experienced Compass management, with a range of efficiencies and economies of scale already being achieved.

A consolidated valuation has been received valuing the property and business assets of Compass at close to $204 million.

The company has already commenced the planning process of upgrading four of the properties, while also installing its own consolidated buying and accounting systems for the Compass group of hotels in Western Australia.

Compass's management team, led by Managing Director, Mr Bryan Northcote, said "e have now settled all of the acquisitions and are encouraged at their current trading positions, particularly as we are now generating economies of scale by applying our buying and administration skills to improve their performance even further."