What will new acquisition mean for Redcape (ASX:RDC) share price?

Redcape Hotel Group Pty Ltd (ASX: RDC) has stepped back into the buyers’ circle. Despite the upbeat news, at the time of writing, the Redcape share price is trading flat at $1.00 after the company announced it has acquired the Gladstone Hotel in Dulwich Hill, Western Sydney, for $38 million. The deal does, however, represent Redcape’s first acquisition since it returned to full operations and resumed dividend distributions to shareholders.

How has the Redcape share price been performing?

Redcape owns and operates a portfolio of 33 pubs and hotels across New South Wales and Queensland. The company’s shares first began trading on the ASX on 30 November 2018.

From there, the Redcape share price gradually moved higher with…