GDI Property's (ASX:GDI) co-living JV buys Seasons Hotel in Newman for $6.5M

GDI Property Group said its co-living joint venture, Resource Accommodation Management Co-living JV, has exchanged contracts to acquire the Seasons Hotel in Newman, Western Australia, for $6.5 million.

The hotel boasts 87 motel rooms, 11 staff rooms, and extensive amenities on a 29,000sqm site.

The acquisition aligns with the joint venture's investment criteria, targeting growth in the resource sector. Operational adjustments will tailor services to resource sector employees, aiming for higher occupancy rates and earnings.

Funding for the acquisition involves a mix of cash reserves and a new debt facility.