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MR: Larrakia Purchase 50% Share in Vibe and Medina Grand
Wednesday, 02 December '09
Larrakia Purchase 50% Share in Vibe and Medina Grand Darwin Waterfront Hotels
Darwin, NT; 2 December 2009: The Larrakia Development Corporation has secured a stake in the hospitality industry by taking a 50% share in Darwin's newest hotels - Vibe and Medina Grand Darwin Waterfront Hotels.
The Corporation has bought a half share of the Vibe and Medina Grand Darwin Waterfront Hotels, in conjunction with Indigenous Business Australia (IBA). The hotels were built and completed earlier this year by the Toga Group as the quality wining, dining and accommodation centre of its Waterfront Development in Darwin.
Koolpinyah Richard Barnes, Chairman of the Larrakia Development Corporation, and Executive Chairman of the Toga Group, Mr Ervin Vidor, announced the finalisation of the deal today.
The hotels overlook the Waterfront wave pool and saltwater beach, and have spectacular views of Darwin harbour across Stokes Hill Wharf. They are linked to Darwin's CBD by a new walkway and lifts, which give access from the city centre to the Waterfront.
The Toga Group, which will remain a joint partner with the Larrakia Development Corporation and as operator of the hotel, employs more than 1,800 people in Australia, New Zealand and Europe in property development, construction, hospitality management and aquaculture.
Ervin Vidor, Executive Chairman, of the Australian owned and operated Toga Group, said "We are delighted to partner with the Larrakia Development Corporation and Indigenous Business Australia".
Mr Barnes said, "This investment in the most vibrant sector of the hotel industry opens new training and employment opportunities for Aboriginal youngsters in the Top End."
"It will complement our existing businesses of land development, quality home construction, landscaping and repairs and maintenance," added Mr Barnes.
"And it means we can add hospitality, hotel operations and management to the courses on offer at our new Trade Training Centre. This will be built in the new year on Larrakia land near East Arm Port.
"Working for all Larrakia is the Corporation's tag line, and this investment means we have widened the workplace opportunities for our community."
"The Vibe and Medina Grand Darwin Waterfront Hotels have performed strongly this year and received excellent guest feedback and we look to further focus on providing Aboriginal training and employment opportunities within the Toga Hospitality Group," added Mr Vidor.
On November 4 this year, the Larrakia Development Corporation and the Japanese energy giant Inpex signed a Memorandum of Understanding that will guarantee jobs for Aboriginal workers on their $12 billion gas project, which is due to commence construction in 2011.
Mr Barnes said the Corporation has invested profits from other previous developments for the hotel purchase, with extra funds borrowed from Indigenous Business Australia.
Official signing (left to right): David Vigar (IBA), Koolpinyah Richard Barnes, Allan Vidor and Ervin Vidor
CONTACT: CEO Greg Constantine can arrange interviews on TN 8947 34 55
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