Thomson Geer is advising Lasseters International Holdings Limited (SGX:5EL) on the sale of the Lasseters (Crowne Plaza) Hotel Casino and Convention Centre business in Alice Springs, Northern Territory to Iris Capital for A$105m.

Established in 1995, Iris Capital has more than 2,000 luxury apartments, three operational vineyards and 25 hotels. Iris Capital’s presence covers locations in New South Wales and their hospitality portfolio include recent purchases of 17 Ibis hotels across Australia for A$180 million, in the largest hotel transaction in Australia in 2020, transforming Iris Capital into one of the largest hotel owners in Australia.

The transaction marks the exit of Lasseters from Australia after more than 20 years. The Alice Springs property is a multiple award winner and was used as the backdrop for filming of Priscilla Queen of the Desert. 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 renovation program. It is the largest private employer in Alice Springs.

The Thomson Geer team advising Lasseters includes partner Eugene Fung, senior associate Siew Mei Fagan, partner Vicki Sharp, associate Ximena Illich and lawyer Sarah Beattie.