Business
Easton Pharmaceuticals Announces It Has Entered Into High Level Negotiations To Take Over a Profitable Hotel and a $17,000,000 Real Estate Asset Located In The Heart of Toronto, Ontario, Canada
Easton Pharmaceuticals Announces It Has Entered Into High Level Negotiations To Take Over a Profitable Hotel and a $17,000,000 Real Estate Asset Located In The Heart of Toronto, Ontario, Canada.
About this update from Easton Pharmaceuticals Inc
[{"type":"text","content":"\nTORONTO, ON , Sept. 11, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Easton Pharmaceuticals Inc. (OTC: EAPH) is pleased to announce that it has entered into high level negotiations to take over an operating boutique hotel and a $17,000,000 cdn real estate asset in the heart of Toronto, Ontario, Canada. \n In keeping with the company new corporate direction to enter into other lucrative business sectors and industries, Easton through the efforts of its CEO, Evan Karras, who has been in the hospitality industry globally for many years and the owner of several boutique hotels in Toronto, Easton has been presented with an opportunity to renegotiate the debt on a property which has had a successful and profitable operating boutique hotel on it since 2014, along with a successful restaurant and cafe/lounge. Although the hotel operations were halted in early 2018 due to the potential sale of the property, Easton and the new owners would restart operations within 30 days of a closed deal with the mortgage holders. Revenues are in excess of $300,000 per month with healthy margins in excess of 60%, which would more than meet any of the loan payments assumed in the new restructured deal with the debt holders. Due to executed NDA’s and not to compromise the negotiations, Easton is unable to currently disclose the precise location but can confirm it is located in the heart of Toronto just above the financial district and below the exclusive Bloor / Yorkville area. The property currently maintains a value in excess of $17,000,000 cdn with its coveted prime location making it a valued and highly sought after re-development opportunity for residential condominiums / office space / hotel. The opportunity is being made available due to the fact Mr. Karras has for several years been personally and heavily involved in the ownership and the day to day operations of the business. Easton and Mr. Karras hope to have an agreed on deal finalized in the next few short weeks, but the time frames could easily change to a date that is either earlier or later than expected.  Announcements and other updates will be released as they become available and approved for release. In other news, in early June of this year, soil dumping operations commenced on its Georgina property, jointly owned between Easton and 1124123 Ontario...