HPI downgraded to Hold

Hotel Property Investments (HPI) has announced the acquisition of Hotel HQ in Underwood, Brisbane, which, like its other properties, is leased to Coles. The cost was $18.1m for a yield of 7.23% and there are 13.5 years left on the lease. As we noted in HPI: Beer we go again from 5 Mar 14 (Buy - $2.00), the terms of HPI’s hotel leases are not as attractive as those of ALE Property, but the reliable cashflows and 8.0% forecast distribution was enough to earn an upgrade. We're pleased that HPI expects to pay an 8.8 cent distribution per share for the six months to 30 June 2014, well above the 8.2 cents forecast in last year's prospectus.

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