Overview of HPI's rejection of unsolicited offer

Hotel Property Investments (ASX:HPI) has received an unsolicited and conditional offer from Charter Hall Retail REIT and Hostplus to acquire all securities in HPI at a cash price of $3.65 per HPI security. The HPI Board unanimously recommends that securityholders reject the offer and take no action in relation to correspondence from Charter Hall Retail REIT and Hostplus. HPI emphasizes its unique portfolio of high-quality pub assets, low management costs, and robust balance sheet, providing steady distribution growth and growing returns.

Executive commentary on the rejection of the offer

The Offer from Charter Hall Retail REIT and Hostplus is unsolicited, opportunistic, and materially undervalues HPI. The HPI Board believes that the Offer is not compelling and provides a negligible premium to recent trading prices. HPI highlights the unique nature of its portfolio, the strength of its relationship with major pub operator, and future growth from internal and external growth initiatives. The company is committed to maximizing securityholder returns and emphasizes its strong financial position and growing distributions.

Summary of HPI's position and outlook

Hotel Property Investments (HPI) has rejected an unsolicited and conditional offer from Charter Hall Retail REIT and Hostplus, citing that the Offer is opportunistic and materially undervalues the company. HPI emphasizes the unique nature of its portfolio, the strength of its relationship with major pub operator, and future growth from internal and external growth initiatives. The company is financially strong with a robust balance sheet and offers growing distributions. HPI securityholders are encouraged to review the Board's detailed assessment of the Offer contained in the Target's Statement and read the Target's Statement in full. HPI plans to provide a more detailed strategy update to investors at the AGM scheduled for 13 November 2024.