Frasers Hospitality Trusts decides to do a rights issue to acquire Novotel Melbourne in Collins for A$237 million. This deal is strange because it is not an accretive deal on the first day. When we say it is not accretive, it means as an existing shareholder, your dividend per share will go down, as a result of this acquisition, instead of up. This hotel is located in the prime Collins Street in the heart of Melbourne central business district, which is surrounded by prime and A-grade commercial offices and retail malls. Frasers Hospitality is not purchasing from their parent but LaSalle Asset Management. According to the Australian press, LaSalle wanted to sell this and the retail fashion and dining precinct as separate deals or together. The press stated that Frasers Hospitality have wanted to edge into this Melbourne district for some time and purchasing this hotel looks to fulfill that ......