Dorchester Property sells Goldridge resort for $8M to manager's director

Mon, 18 May 2015

By Paul McBeth May 18 (BusinessDesk) - Dorchester Property Trust, the hotel investor spun out of the financier and insurer formerly known as Dorchester Pacific five years ago, has agreed to sell the Goldridge Resort Queenstown to an entity associated with one its directors for $8 million, just under its carrying value. The buyer paid a non-refundable deposit of $400,000, with the remainder due on or before Sept. 30, the trust's manager, Dorchester Hotel Property Trust Management, said in a statement. Forecast profits of at least $250,000...

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