Thomson Geer advises Lasseters on the sale of iconic Alice Springs Hotel Casino to Iris Capital

21 April 2021

News

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 $105m.

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.

Thomson Geer partner Eugene Fung said, “The market has responded positively to the announcement of the sale with a 70% increase in Lasseters’ share price after the announcement.  We congratulate Lasseters on the sale and its significant contribution to Alice Springs for over 20 years and also the buyer, Iris Capital, and look forward to completion of regulatory approvals”.

The Thomson Geer team was led by partner Eugene Fung, supported by senior associate Siew Mei Fagan, partner Vicki Sharp, associate Ximena Illich and lawyer Sarah Beattie.