TCC Land Co, the property business of liquor tycoon Charoen Sirivadhanabhakdi, has acquired its third hotel in Australia, according to Mark Durran, an executive vice-president for Jones Lang LaSalle Hotels. Mr Durran and David Gibson, the Asia Pacific chief executive for Jones Lang LaSalle Hotels, negotiated the purchase of the Hyatt Regency Adelaide on behalf of the owner, the Grand Hotel Group. The 20-year-old hotel went on sale last April with an asking price of around A$100 million.

Its first major hotel transaction in Australia this year, the Hyatt Regency Adelaide, was negotiated as part of a joint deal with the Hyatt Hotel Canberra for a total of A$155 million. TCC Land acquired the 249-room Hyatt Hotel Canberra in December at A$80 million, according to JLL Hotels.

The five-star hotel features 367 guest rooms and suites, two restaurants, a lounge bar, extensive conference space and recreational facilities.

Mr Durran said that astute offshore investors, together with a number of wealthy Australian individuals and companies were currently eyeing high-quality hotel assets with a view to long-term investment.

source : www.bangkokpost.com