Minor International PCL (MINT), one of Asia Pacific’s largest hotel and leisure companies, has made two acquisitions in Australia, a hotel and a management business in Darwin, for AUD57.081 million ($41.78 million), the company said in a regulatory filing. It bought these assets from the subsidiaries of Australia-based property developer Gwelo Development.
According to the report the company made to the Stock Exchange of Thailand today, it will split the acquisition into two deals.
The first one will be made through its wholly-owned subsidiary MHG Australia Investments Pty Ltd, which has acquired a freehold hotel from Gwelo Investments Pty Ltd for AUD41.781 million.
The second deal was to acquire a Management Letting Right business from Gwelo Hotels Ptd Ltd for AUD15.3 million through Oaks Hotels and Resorts Pty Ltd, another subsidiary under MINT’s umbrella.
This acquisition is a part of its plan to expand its business globally and become one of the world’s top hotel operators. It plans to balance the revenue proportion to be 50:50 domestically and internationally.
Earlier this year, MINT has taken over Tivoli Hotels and lands in Portugal and Brazil for $190 million. It also formed a joint venture firm with Thailand’s leading restaurant operator S&P Syndicate PCL to run Thai restaurant business in Europe.
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