March 4, 2019 / 9:54 PM / 20 days ago

Australia's Coles signs hotel business over to KKR

March 5 (Reuters) - Grocery chain Coles Group Ltd said on Tuesday it will establish a joint venture with KKR -owned Australian Venue Co Ltd (AVC) for the management of Coles’ gaming and hotels business.

The joint venture, named Queensland Venue Co, will be owned equally by Coles and AVC, Coles said in a statement. Under the venture, AVC will manage the day-to-day operations of Spirit Hotels and will receive all economic benefits from the business.

Coles said it will receive cash proceeds of about A$200 million ($141.84 million) upon completion of the transaction, which is expected to result in an associated book loss on a sale of about A$20 million. ($1 = 1.4100 Australian dollars) (Reporting by Ambar Warrick in Bengaluru, editing by G Crosse)

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