Minor International has its intention to boosts its holding in Australia-based Oaks Hotels & Resorts, valuing the company at 35 cents (A$) per share.
Currently, Minor holds a 14.96 per cent stake in the organisation, which it is seeking to expand by fiver per cent to 19.96 per cent following Foreign Investment Review Board (FIRB) approval.
The 19.96 per cent share acquisition reflects an investment of A$12 million.
As part of Minor International’s three core businesses which include hotels, restaurants and lifestyle brands, the Minor Hotel Group has, up until now, boasted a portfolio of 33 hotels operating in eight countries.
The investment in Oaks Hotels & Resorts is Minor’s first foray into the Pacific and doubles the company’s hotel interests to 71 properties across Asia, the Indian Ocean, the Middle East and Australasia.
Dillip Rajakarier, chief operating officer of Minor Hotel Group, said: “We are delighted to be entering the dynamic markets of Australia and New Zealand, especially with a hotel brand which has a strong track record in business delivery through marketing and distribution strategies, as well as a key focus on customer service.
“These characteristics are firmly imbedded in Minor Hotel Group so the stake in Oaks is a solid group match and complements our formidable development policy.”
Oaks Hotels & Resorts
Established in the early 1990s, the Oaks group has developed into one of Australia’s largest hotel and resort operators with a current collection of 38 hotels across Australia, New Zealand and the Middle East.
Led by effective strategies in strata-titled property management and a unique market positioning, the four star hotel brand has strived to become Australia’s leading serviced apartment management company.
The result is a strong pattern of impressive growth accompanied by a solid market leading position in the fast-growing MLR (Management Letting Rights) segment of the Australian accommodation market.
Minor International is a global company focused on three primary businesses including restaurants, hotels and lifestyle brands distribution.
Minor International is a hotel owner, operator and investor with a portfolio of 33 hotels operating in 8 countries under the Anantara, Marriott, Four Seasons, St. Regis, Elewana and Minor International brands in Thailand, the Maldives, Sri Lanka, Vietnam, Africa, the Middle East and Indonesia.
Anantara has been nominated as the Indian Ocean’s Leading Water Villa Group at the World Travel Awards this year.