KUSIDO Hospitality and Property Group has bought the Management Letting Rights of four hotel properties for $10.5 million from the Oaks Group.
Kusido, which operates hotels under the Leisure Inn and Park Regis brands, will be re-brand the properties as Park Regis Concierge Apartments (Cremorne, Sydney), Park Regis Griffin Suites (Melbourne), Leisure Inn Pokolbin Hill (
In total, the transaction includes 258 rooms, as well as the acquisition of freehold areas and restaurants in each of the properties.
The latest announcement is the group’s second largest single acquisition and one of its most significant since forming as a management company in June 2006.
The addition of the four properties brings the group’s portfolio to a total of 23 which includes the Leisure Inn Plaza Hotel in Townsville, as well as existing properties with locations including Sydney, Melbourne, Brisbane,
Kusido Hospitality and Property Group’s chief executive Simon Wan the group is well on track to achieve its growth objective of reaching a minimum of 30 hotels in
“As well as this, we are in the process of building a network of hotels in Asia which is being spearheaded by our latest development in
Kusido is also currently in separate negotiations to acquire several properties located in capital cities in Australia including Canberra and Perth as well as additional properties in the Sydney regional area.
Australian Property Journal
