IC (Ipswich) Pty Ltd exchanged contracts to acquire Ipswich International Hotel from Transmetro Corporation Limited (ASX:TCO) for AUD 14.6 million on May 13, 2019. Post completion, Ipswich International Hotel will be converted into an aged care facility. Settlement is anticipated to take place on May 27, 2019. Russell Allison and Donald Watson-Brown of Knight Frank negotiated the transaction. The transaction will enable to reduce, if not eliminate, Transmetro Corporation Limited's borrowings and render Transmetro Corporation Limited debt free. IC (Ipswich) Pty Ltd cancelled the acquisition of Ipswich International Hotel from Transmetro Corporation Limited (ASX:TCO) on May 13, 2020.