Transmetro on track with acquisition of Ipswich International Hotel
Peattie Public RelationsSeptember 15, 2008
Publicly listed Transmetro Corporation, operators of Australia’s oldest Australian owned and managed hotel chain, has announced its acquisition of Ipswich International Hotel in Queensland, in line with its strategy to grow its portfolio of quality properties in major and regional Australian cities.
Metro Hotels, the trading division of Transmetro Corporation, currently provides a national accommodation network of 12 hotels, serviced apartments and inns, with over 800 rooms in major cities and regional centres across Australia.
Transmetro Corporation Chief Operating Officer, George Bedwani, said the acquisition of the Ipswich International Hotel, to be renamed Metro Hotel Ipswich International, is the first of a number of projects to be finalised in the next 12 months.
“Transmetro Corporation is seeking to grow its portfolio and expand its interests through the acquisition, leasing or managing of existing and new hotels, apartments, inns and pubs,” Mr Bedwani said. “It is also seeking strategic partnerships for acquisitions both domestically and internationally.
“The City of Ipswich has all the essential ingredients for success, and Metro Hotel Ipswich International is ideally located in the heart of this booming regional city.
“Not only is the city located in close proximity to Brisbane, it also has a very proactive and supportive local council, an active local tourism authority, a strong Chamber of Commerce and excellent infrastructure.”
Metro Hotel Ipswich International is a boutique 4 star hotel with all the facilities of a larger hotel. The seven-storey hotel, which is less than two years old, offers 81 luxury rooms including nine one-bedroom Serviced Apartments, two Spa Suites and 70 single/double Deluxe rooms, seven wedding and conference rooms and a signature restaurant Platform 9 with separate lounge and bar. The function rooms cater for meetings and events up to 450 people.
Ipswich is the booming epicentre of unprecedented growth in South East Queensland, with a population set to double by 2026. The strength of Ipswich’s industry base is in its diversity, which provides extensive opportunities for economic growth.
Mr Bedwani believes the city has strong growth potential for both corporate and leisure business, and is the ideal destination for major conferences.
“Its relaxed lifestyle, investment and business opportunities, quality education and range of tourism offerings make this city a destination of choice for many businesses, families and entrepreneurs,” he said.
Mr Bedwani is not alone in his view. Last year Ipswich was named “the most liveable mid-sized city in the world” in the 2007 LivCom Awards for Liveable Communities announced in London. With a population of 155,000, Ipswich won the category for cities with a population of 75,001 to 200,000 people.
Mr Bedwani said Metro Hotels was performing strongly in the Australian market despite less than satisfactory economic conditions nationally.
“The purchase of this hotel fits perfectly with the strategic direction of Metro Hotels,” Mr Bedwani said. “It reflects our desire to purchase quality 3 ½ to 4 star properties that will consolidate our portfolio and strengthen our position the hotel accommodation market.”
Transmetro Corporation is in a strong position for growth, reporting a 17.32 percent increase in net profit to $2.55 million in the 2007/08 financial year. The hotel management group also reported an increase in revenue of 5.23 percent to $26.54 million.
For further information, contact:
George Bedwani, Chief Operating Officer, Transmetro Corporation Limited on +61 2 9283 8088.