Charter Hall and Charter Hall Retail REIT (ASX: CQR) jointly acquired a 14.8% stake in Hotel Property Investments (ASX:HPI) for $97 million, becoming the company's largest security holders.

The purchase, at $3.35 per Hotel Property Investments security, was funded through a joint venture trust, utilising Charter Hall's cash reserves and proceeds from recent divestments for Charter Hall Retail REIT.

The acquisition complements Hotel Property Investments' portfolio of 57 Australian hotel properties.

Both Charter Hall and Charter Hall Retail REIT reaffirm their FY24 EPS guidance.