Thomson Geer has advised Lasseters International Holdings on the sale of Alice Springs’ iconic Hotel Casino, to Sydney based development and hospitality group Iris Capital for AUD $105 million.
With a 4.5 star hotel, a commercial health club, day spa, Alice Springs Convention Centre, international standard casino and multiple restaurants and bars, Lasseters Hotel Casino is the largest private employer in Alice Springs.
Lasseters developed the Alice Springs Convention Centre in 2002 and has operated the Casino since 2004. In 2016, it struck a deal with InterContinental Hotels Group to rebrand the property under the Crowne Plaza banner and in 2018 completed a comprehensive renovation program.
The purchaser, Iris Capital has an extensive development and property portfolio including more than 2,000 luxury apartments, three operational vineyards and 25 hotels. Iris Capital was recently party to the largest hotel transaction in Australia in 2020, purchasing 17 Ibis hotels across Australia for AUD $180 million, making them one of the largest hotel owners in Australia.
The Thomson Geer team was led by partner Eugene Fung (Picture), supported by senior associate Siew Mei Fagan, partner Vicki Sharp, associate Ximena Illich and lawyer Sarah Beattie.
Law Firms: Thomson Geer ;
Clients: Lasseters International Holdings ;