• Bidder now holds 63.7% voting power in HPI
• HPI Board recommends accepting the all-cash offer of $3.752 per security
• HPI Chairman and largest securityholder have already accepted the offer
• Offer is best and final, cannot be increased without a competing proposal

The bidder, Charter Hall Wholesale Management Limited, has now obtained control of Hotel Property Investments (HPI) with a Voting Power of 63.7% as at 20 January 2025. The HPI Board has changed its recommendation and now recommends that all HPI securityholders accept the all-cash offer of $3.752 per security. The HPI Chairman, Giselle Collins, and the HPI director who held the largest securityholding, Lachlan Edwards, have already accepted the offer. The bidder considers the all-cash offer consideration of $3.752 per security provides a compelling premium and there is no reason or benefit to delay acceptance. The offer is unconditional and the consideration will be paid within 5 business days of receipt of a valid acceptance. The offer consideration has been declared best and final and cannot be increased in the absence of a competing proposal. No competing proposal has emerged and the bidder considers the likelihood of a competing proposal is low given its current 63.7% voting power. HPI securityholders who do not accept the offer may remain as minority securityholders in a bidder-controlled HPI, with less influence over the future direction of the company. There is also a significant risk that HPI's share price will fall when the offer closes, and HPI securityholders will face reduced liquidity due to the reduction in HPI's free float and potential removal from ASX indices. If the bidder obtains a 90% relevant interest, it may proceed to compulsorily acquire remaining securities, but this would result in a significant delay in receiving consideration compared to accepting the offer.