Lazard Carnegie Wylie fund takes distressed hotel
The A$100 million ($91 million) Lazard Carnegie Wylie Private Equity Distressed Fund, which targets distressed Australian hospitality and pub assets, has bought the Steyne Hotel on Sydney's Manly Beach, reportedly for A$27 million ($24 million).
The extent of distress in Australia's hotel, pub and entertainment sector was underlined by the final deal price, down from the asking price of A$30 million ($26.7 million), and significantly below the...
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