StayWell Hospitality Group Media Centre

Kusido Hospitality and Property Group Pty Ltd, which operates hotels under the Leisure Inn Hotels and Suites and Park Regis brands, announced today the purchase of Management Letting Rights (MLR's) of four hotel properties in Queensland for $12.7 million from the Oaks Group.

The properties acquired by Kusido are the North Quay in Brisbane, City Quays and Piermonde in Cairns and Anchorage in Townsville.

Kusido also acquired associated freehold areas in each of the properties, including the On Quay restaurant at the North Quay Hotel in Brisbane.

The purchase of the MLR's and associated freehold areas in each of the properties significantly boosts the number of rooms under the Kusido Group and will greatly expand the Leisure Inn Hotel network in Australia. With the addition of the four Queensland properties, the Leisure Inn portfolio now stands at 12 hotels including existing properties located in Sydney, Hobart, Launceston and Newcastle.

Leisure Inn Hotels and Suites' Chief Executive Officer, Mr Simon Wan, said that the addition of the new properties to the Leisure Inn and Park Regis banners further bolsters the presence of the group in the marketplace. Mr Wan said that the transaction will provide Leisure Inn's customers with a greater choice of hotel locations and a diverse range of products in Australia.

"We are very pleased with the latest enhancement of the Leisure Inn management portfolio with the significant addition of quality hotel products which fit strategically with our existing portfolio of hotels.

"This transaction reinforces our objective to expand the size and network of the group through acquisition of freehold interests of existing hotels, entering into management agreements and leases of existing hotels and the development of new hotels.

"Together with our recently announced joint venture with Sunrise Serviced Apartments, which will add 4 newly developed serviced apartment properties, the Leisure Inn Hotel network will shortly be increased from 12 properties to 16.

"We are also currently negotiating further properties joining the Leisure Inn and Park Regis networks including properties in Melbourne, Perth, Adelaide, regional NSW and regional Queensland as well as additional properties in Sydney and Tasmania. In addition to our domestic activities, Leisure Inn is pursuing overseas expansion to China, India, Malaysia, Singapore and Thailand," he said.

Piermonde and City Quays, sister properties centrally located in Cairns, offer 88 self-contained apartments as well as on site features including a roof-top swimming pool and guest BBQ.

North Quay located on the bank of the Brisbane River within minutes of the city centre combines 107 self-contained apartments with extensive on site facilities including a licensed restaurant and bar together with expansive conference facilities.

Anchorage's 44 self-contained apartments in Townsville are in the Palmer Street dining precinct and offer studio, one and two bedroom options.

Leisure Inn Hotels and Suites is proud to offer value-for-money accommodation with all hotels being centrally located with comfortable rooms, modern facilities and friendly, welcoming staff. Leisure Inn properties include Park Regis Hotel (Sydney), The Barclay Hotel (Sydney), Leisure Inn Suites - Kings Cross (Sydney), Hobart Macquarie (Hobart), Woolmers Inn (Hobart), Waterfront Lodge (Hobart) and Penny Royal Hotel & Apartments (Launceston), with more to be announced soon.

For further information, contact Rachel Pirie, Group Marketing Executive on 612 8198 9220 /
rpirie@leisureinnhotels.com

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