Lasseters have announced that Ford Dynasty, subsidiary to Lasseters International Holdings has signed an agreement for the sale of Lasseters Hotel Casino with Iris Capital who have a strong foot hold in the hospitality sector in Australia.

The purchase price is believed to be Circa $105 m AUD.

The sale comes after a 24 year tenure of ownership. Opening in 1981, Lasseters Hôtel Casino formerly known as Diamond Springs Casino, is an integral part of the tourism industry in Central Australia.

Ford Dynasty pty ltd trading as Lasseters was acquired by the Malaysian controlled company Quilter Assets Australia pty ltd in 1997, the company was then listed on the Singapore Stock Exchange as Lasseters International pty ltd in 2004 to fund future development and acquire additional assets.

The property now boasts a 4 1/2 star hotel with 205 rooms operating under a franchise with internationally recognised InterContinental Hôtel Group (“IHG”) a convention centre, facilitates plus 320 electronic gaming machines and multiple Restaurants and bars.

Iris Capital have a long standing history in the hospitality sector throughout Australia and will bring a level of experience in the industry that is vital to ensure longevity and success of the business.

Lasseters CEO, Datuk Paul Wong j.p. Noted “ it has been a pleasure having such a unique and diverse property on our portfolio. Lasseters greatest asset is the dedication and commitment of the staff, some of whom have been with the company in excess of 20 years.”