Sunland Group

Sunland Group recently sold the Palazzo Versace Hotel on the Gold Coast for $68.5m, just below book value. Once the debt over the hotel is repaid Sunland will bank $41.1m. This is a favourable development that results in Sunland once again boasting net cash on its balance sheet. This change reduces the risk in the business and will help fund its aggressive share buyback program. This cash will also help Sunland easily foot a likely legal bill, of approximately $10m, relating to a recently lost case regarding its Dubai operations. Sunland’s share price has risen 7% since Sunland Group:...

Sunland Group recently sold the Palazzo Versace Hotel on the Gold Coast for $68.5m, just below book value. Once the debt over the hotel is repaid Sunland will bank $41.1m. This is a favourable development that results in Sunland once again boasting net cash on its balance sheet. This change reduces the risk in the business and will help fund its aggressive share buyback program.

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