News for the Hospitality Executive
|1 February, 2007 - Leisure Inn Hospitality Management Pty
Ltd (LIHM), owners of the Leisure Inn Hotels and Suites brand, is pleased
to announce the introduction of a major shareholder into the Leisure Inn
Group which will further bolster the company’s financial capacity to achieve
its growth plans.
A & B Leisure Investments Pte Ltd (the A & B Group) has invested a substantial amount into the Leisure Inn Group and to assist the Group to fund the acquisition of new hotels and to fund the development of 5 new serviced apartment properties in Australia. The A & B Group has also agreed to invest a further A$200 million to acquire new hotels in the Asia Pacific Region subject to these acquisitions meeting the investment criteria of the A & B Group. All of these properties will be managed by the Leisure Inn Group under the Leisure Inn Hotels and Suites brand.
With the objective to expand its existing portfolio of 9 hotel properties, the Leisure Inn Group will utilise the investment to acquire freehold interests in existing hotels, entering into management agreements and leases of existing hotels and the development of new hotels.
A & B Leisure Investments Pte Ltd is a joint venture between Mr Asok Kumar Naraindas and Mr Balbinder Sohal.
Leisure Inn Hotels and Suites’ Chief Executive Officer Mr Simon Wan said that the injection of fresh capital will give the company the resources to accelerate its expansion program. “We aim to take our current portfolio from 9 properties to 20 over the next 12 - 15 months. We are also in negotiation with a number of overseas expansion opportunities including a network of hotels in China and India which could substantially boost our portfolio.”
Mr Asok Kumar is the Co-chairman and owner of the Royal Brothers Group which is headquartered in the Royal Brothers Building, located in the hub of Raffles Place, in Singapore. Their current portfolio includes interests in many of Singapore's largest shopping malls including Lucky Plaza, Far East Plaza, Cuppage Terrace, Peninsula Plaza and Queensway Shopping Centre.
Mr Sohal is a private property investor based in the United Kingdom who also has interest in construction and the steel industry as well as holding a substantial property ownership portfolio around the world.
The Royal Brothers Group was previously one of the largest owners of hotels in Australia and New Zealand with a portfolio which included the Novotel Hotel, Auckland, the Holiday Inn, Queenstown, the Mercure Hotel Brisbane, the Mercure Hotel Perth, the Quality Princess Hotel Perth and the Novotel Hotel Brisbane. Mr Kumar has a wealth of experience in acquiring, managing and divesting property portfolios with immense expertise in the property, financial and capital markets.
Both Mr Asok Kumar and Mr Bal Sohal have also joined LIHM's board of directors with Mr Kumar being appointed chairman of the board and will undoubtedly add significant value to the group. They join the existing board of directors Mr Simon Wan, Mr Kurt Braune and Mr Richard Doyle.
Leisure Inn Hotels and Suites is proud to offer value-for-money accommodation with all hotels being centrally located with comfortable rooms, modern facilities and friendly, welcoming staff. Leisure Inn properties include Park Regis Hotel (Sydney), The Barclay Hotel (Sydney), Leisure Inn Suites – Kings Cross (Sydney), Hobart Macquarie (Hobart), Woolmers Inn (Hobart), Waterfront Lodge (Hobart) and Penny Royal Hotel & Apartments (Launceston), with more to be announced soon.
Rachel Pirie - Group Marketing Executive
|Also See:||Tourism Asset Holdings Limited Acquires the Gardens Parkroyal, Queenstown, NZ; Accor Will Manage and Re-brand Novotel Gardens Queenstown / Nov 2002|
|Accor Launches Initiatives to Build Market Share in the Face of Australia’s Slump in Inbound Business / July 1998|
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