Fund manager Charter Hall and superannuation fund Hostplus were unsuccessful in their attempt to buy pub landlord Hotel Property Investments with an improved takeover offer.

The new offer values HPI, which owns a $1.3 billion portfolio of 59 venues leased to Queensland Venue Company – a joint venture between Coles Group and Australian Venue Co – at $757 million. The offer was sweetened by 5.5 per cent – from $3.65 to $3.85 per unit – and declared “best and final”.