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Alice Springs hotel casino sold off
Australian law firm Thomson Geer has advised Lasseters International Holdings Limited on the multimillion-dollar sale of the Alice Springs Convention Centre.
Emma Musgrave
Firms: Thomson Geer (Lasseters International Holdings Limited); undisclosed (Iris Capital).
Value: $105 million.
Area: M&A
Key players: The legal team advising Lasseters was led by Thomson Geer partner Eugene Fung, with assistance from senior associate Siew Mei Fagan, partner Vicki Sharp, associate Ximena Ilich and lawyer Sarah Beattie.
Deal significance: The Alice Springs Convention Centre holds a 4.5-star hotel, a commercial health club, day spa, international standard casino and multiple restaurants and bars.
Developed by Lasseters in 2002, the Alice Springs Convention Centre 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, a statement from Thomson Geer noted.
“The purchaser, Iris Capital has an extensive development and property portfolio including more than 2,000 luxury apartments, three operational vineyards and 25 hotels,” the group said.
“Iris Capital was recently party to the largest hotel transaction in Australia in 2020, purchasing 17 Ibis hotels across Australia for A$180 million, making them one of the largest hotel owners in Australia.”
Commenting further, Thomson Geer lead partner Mr Fung said: “The market has responded positively to the announcement of the sale with a 70 per cent 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.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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