Iris Capital has purchased Lasseters & the Alice Springs Convention Centre

November 12, 2021


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.





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