Australian Gaming and Entertainment buys five Sydney hotels

    Australian Gaming and Entertainment has bought five hotels in western Sydney that will form a foundation portfolio for the company. The hotels are located in the high population growth corridor of western Sydney, near transport infrastructure and commercial and retail hubs. AG&E said it’s attracted to hotels that are located in metropolitan and western Sydney, have low capital requirements, and derive a majority of revenues from gaming. It said it is considering an initial public offer to raise finance to buy the properties. Local media reports put the purchase price at $95 million.