Iris Capital has purchased Lasseters & the Alice Springs Convention Centre
November 12, 2021
IRIS CAPITAL DOUBLES DOWN AT LASSETERS HOTEL CASINO WITH PLANS FOR A $100 MILLION-PLUS TRANSFORMATION
Australian hospitality group Iris Capital is doubling down on its investment in Lasseters Hotel Casino with plans to spend more than $100 million on the newly acquired asset to create a world-class tourism destination for Australia’s red heart.
The Sydney-based company, headed by Sam Arnaout, today (October 20) settled the $105 million acquisition of the iconic Alice Springs casino resort and announced plans for a major transformation for the property to capitalise on a travel-hungry tourist market as interstate and international borders reopen.
Iris Capital acquired Lasseters Hotel Casino from its long-time owner, the Singapore-listed group Lasseters International Holdings, after securing regulatory approval from the Northern Territory Government to operate the casino following an exhaustive seven-month process. Approval was given on Friday, October 8.
The company is one of Australia’s largest privately owned property and hospitality groups, which significantly expanded its footprint over the past year through the acquisition of 17 Ibis hotels from AccorInvest. That deal added more than 2000 rooms to the Iris Capital portfolio with the Lasseters acquisition boosting that number further.
Iris Capital is planning a major expansion of the resort assets, including construction of a new hotel, an upgraded convention centre and a residential offering that will reposition the property as an iconic Australian destination for a global market.
“We are well advanced in discussions with the Northern Territory Government in relation to recapitalising the asset,” said Mr Arnaout today.
Lasseters CEO Craig Jervis said Iris Capital’s investment in the hotel and casino would provide a massive injection for the local economy.
“There is a great level of excitement around Iris Capital’s plans for the resort, casino and convention centre which is undoubtedly going to be underpinned by major flow on benefits for the region,” said Mr Jervis.
Before- Potentially lacking on things to do to make a comprehensive incentive programme. After- Lots of options, everyone is so passionate about what they do that delegates can’t help but go away feeling refreshed and inspired
Events Project Manager | Dinamics
Before- I was completely unsure and had no understanding of what was on offer. I had never been to Alice Springs. After- Loved it. So many options, I am very impressed
Before – A little negative. I thought it might not be worth the distance to travel to, nor the expense. After – I was blown away. It became clear very quickly that Alice Springs has SO much to offer and is a unique destination for events.
Eden Conference Manager Conference Logistics
The team at the Alice Springs Convention Centre are world class, and are some of the most impressive event staff I’ve had the privilege to work with, they really did make magic happen … and made it look effortless along the way. Feedback from our delegates has indicated that this has been the most successful conference event in our organisation’s 20 year history … I am already being asked, “when can we go back?”
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Family Business Australia