tourism asset holdings limited

Salter Brothers Hotel Group complete hotel acquisition

Salter Brothers Hotel Group today completed the acquisition of the IHG Hotel portfolio from Eureka Funds Management. Salter Brothers Hotel Group is now the largest owner of IHG operated hotels in Australia,  employing more than 800 staff. The portfolio includes the Intercontinental Melbourne, Crowne Plaza Melbourne, Crowne Plaza Coogee, Crowne Plaza Canberra and Holiday Inn Potts Point. 

Salter Brothers Hotel Group is a sister company of Atlas Capital Group, a leading funds management company in Australia. Supporting Atlas Capital Group as investors in the transaction were institutions and both local and offshore HNWIs.

Managing Director of Salter Brothers, Mr. Paul Salter, said in announcing the transaction, “We were delighted to be able to secure such a great portfolio, especially given the increasing global competition for these type of assets and the strong macro tailwinds for the sector”.

The strength of the underlying assets also ensured strong debt capital support, with Mr. Salter commenting “We were extremely pleased with the interest and support we received from both domestic banks as well as one of China’s largest banks”.

“This transaction provides both our local and offshore investors access to high quality east coast CBD and metropolitan hotel assets that provide both a strong cash yield together with potential capital growth”, said Mr. Salter.

Right sector … right time

Salter Brothers Hotel Group believes the timing of the acquisition will prove fortuitous as there are expected to be strong macro tailwinds supporting the hotel sector over the next three to five years:

• Constrained supply: CBD hotels are trading at amongst the highest occupancy rates in the world but are still valued at well below replacement cost, implying future supply will remain limited;
• a subdued Australian dollar should see increasing demand for Australia as an international tourist destination as well as encouraging more local travel by Australian residents; and
• increasing international tourism, especially from mainland China, which according to the ABS, now delivers more than 1 in 8 visitors.

These factors all support an upwards trajectory in occupancy rates and average daily room rates.

A platform for growth

Salter Brothers has assembled a strong board to manage the business and seek out growth opportunities:

• Don Clarke – Chairman, former senior partner at Minter Ellison, Non-Executive Director (and Deputy Chairman) of Webjet Limited and Non-Executive director of Contango Income Generator Limited
• Paul Salter – Managing Director.
• Matt Eady – Director, former CEO of Tourism Asset Holdings Limited which was the largest hotel owner in Australia and was successfully sold to the Abu Dhabi Investment Authority
• Lorenz Grollo – Director, Managing Director of Equiset and Grollo Group

“Our strategy is to build a $1 billion plus hotel group in Australia. This portfolio provides a tremendous base to execute on this strategy, with future growth coming from either acquisition or development of 3 to 5 star hotels located predominantly along the eastern seaboard and select regional areas,” said Mr Don Clarke, Chairman of Salter Brothers. Amongst its future options, Salter Brothers may consider an ASX listing.

Advising Salter Brothers were MAP Capital as corporate and debt adviser and Minter Ellison as legal adviser.

For further information contact:

Paul Salter Managing Director Salter Brothers M: + 61 (4) 1450 8994

Salter Brothers Hotel Group awarded Best Hotel Deal 2015/16

Australian small caps update: march 2023.

Hotel Management

TAHL sells hotels for $800 million

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Australia’s largest hotel owner Tourism Asset Holdings Limited (TAHL) has sold its 31 hotels to the Abu Dhabi Investment Authority for AUD$800 million.

The properties, under the Pullman, Novotel, Mercure and ibis brands, are leased (29) or managed (2) by Accor Asia Pacific on a long-term basis.

The purchase, not confirmed, but suggested to be AUD$800 million by The Australian and Australian Financial Review newspapers, is a record-breaking transaction and adds to the Abu Dhabi Investment Authority’s significant bank of hotel assets worldwide.

Properties in the sale included: Novotel and ibis, Sydney Darling Harbour; Novotel and ibis Sydney Olympic Park; Pullman Sydney Olympic Park; ibis Sydney Airport; Mercure Parramatta; Novotel Langley Perth; Novotel Canberra; Mercure Treasury Gardens Melbourne; ibis Melbourne; Mercure Broome; 13 ibus Budget hotels throughout the Australian eastern seaboard; and 8 ibis Styles hotels in Western Australia, Northern Territory and Queensland.

TAHL was formed in 1993 (founded by Accor Asia Pacific honorary Chairman and HM Awards Hall of Fame member David Baffsky), listed on the ASX in 2006 and privatized in 2002 by a consortium that included Babcock and Brown and Accor Hotels.

“We chose to run a discreet, targeted sale process and we were very pleased with the response we received, which is a testament to the strength and performance of the underlying portfolio,” TAHL’S Chief Executive Officer, Matthew Eady, told The Australian and Australian Financial Review newspapers.

“This sale is the culmination of a successful four-year strategy since taking TAHL’s platform independent since 2009.”

Accor’s leases on the properties run until 2020, with options to extend until 2030.

The sale comes just weeks after Korean firm Mirae Asset Global Investments purchased the Four Seasons Hotel Sydney for AUD$340 million from Eureka Funds Management, the latest in a string of major hotel sales in Australia.

James Wilkinson

Editor-In-Chief, Hotel Management More by James Wilkinson

One reply on “TAHL sells hotels for $800 million”

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Apollo Tourism & Leisure

Au000000atl0, tourism holdings limited completed the acquisition of remaining 99.5% stake in apollo tourism & leisure ltd from trouchet family, mitsubishi ufj financial group, inc. and others, stocks mentioned in the article, latest news about apollo tourism & leisure, chart apollo tourism & leisure.

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• Tourism Holdings Limited completed the acquisition of remaining 99.5% stake in Apollo Tourism & Leisure Ltd from Trouchet Family, Mitsubishi UFJ Financial Group, Inc. and others

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Tourism holdings limited (thl.nz).

• Previous Close 2.1300
• Open 2.0900
• Bid 2.0800 x 202000
• Ask 1.9300 x 253500
• Day's Range 2.0500 - 2.0900
• 52 Week Range 1.7000 - 3.9500
• Volume 60,075
• Avg. Volume 309,991
• Market Cap (intraday) 453.906M
• Beta (5Y Monthly) 1.30
• PE Ratio (TTM) 11.56
• EPS (TTM) 0.1800
• Earnings Date Aug 26, 2024
• Forward Dividend & Yield 0.10 (4.57%)
• Ex-Dividend Date Sep 19, 2024
• 1y Target Est 2.94

Tourism Holdings Limited Overview Recreational Vehicles / Consumer Cyclical

Tourism Holdings Limited operates as a tourism company worldwide. The company operates through New Zealand Rentals & Sales; Action Manufacturing; Tourism; Australia Rentals, Sales & Manufacturing; United States Rentals & Sales; Canadian Rentals & Sales; and UK/Ireland Rentals & Sales segments. It engages in the manufacture, rental, and sale of recreational vehicles (RVs), including motorhomes, campervans, caravans, and other tourism related activities. The company also offers rental and sale of new and ex-rental fleet; rental of 4WD vehicles; and manufactures and sells of other specialty vehicles. It offers its rental vehicles under the Maui, Britz, Apollo, Mighty, Hippie, and Cheapa Campa, Road Bear RV, El Monte RV, CanaDream, Just go, and Bunk Camper brands; operates a travel technology and tourism attractions under the Kiwi Experience and the Discover Waitomo that includes the Waitomo glowworm caves, Ruakuri cave, Aranui cave, and black water rafting services; and operates Waitomo Homestead that provides food and beverages options and accommodation services. It sells its vehicles products directly to the public and through dealership. The company was formerly known as The Helicopter Line and changed its name to Tourism Holdings Limited in 1996. Tourism Holdings Limited was incorporated in 1984 and is headquartered in Auckland, New Zealand.

Full Time Employees

Fiscal year ends.

Recreational Vehicles

Recent News: THL.NZ

Tourism Holdings Full Year 2024 Earnings: Revenues Beat Expectations, EPS Lags

While institutions own 27% of Tourism Holdings Limited (NZSE:THL), retail investors are its largest shareholders with 52% ownership

Investors in Tourism Holdings (NZSE:THL) have unfortunately lost 51% over the last year

Here's What To Make Of Tourism Holdings' (NZSE:THL) Decelerating Rates Of Return

Is Tourism Holdings Limited (NZSE:THL) Potentially Undervalued?

Tourism Holdings Limited (NZSE:THL) Is About To Go Ex-Dividend, And It Pays A 4.5% Yield

Here's Why We Think Tourism Holdings (NZSE:THL) Might Deserve Your Attention Today

The Tourism Holdings Limited (NZSE:THL) Half-Year Results Are Out And Analysts Have Published New Forecasts

Tourism Holdings First Half 2024 Earnings: EPS: NZ$0.18 (vs NZ$0.15 in 1H 2023)

Calculating The Fair Value Of Tourism Holdings Limited (NZSE:THL)

Tourism Holdings Limited (NZSE:THL) most popular amongst retail investors who own 58% of the shares, institutions hold 19%

Tourism Holdings (NZSE:THL) shareholders have earned a 16% CAGR over the last three years

Performance overview: thl.nz.

Trailing total returns as of 9/6/2024, which may include dividends or other distributions. Benchmark is S&P/NZX 50 INDEX GROSS ( GROSS .

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Research Analysis: THL.NZ

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thl was founded in the early 1980s and listed on the New Zealand Stock Exchange in 1986. Our initial growth was focused within New Zealand, expanding internationally for the first time in 1999.

Over time, we strategically realigned our business from New Zealand tourism to global RV. Today, stands as the most globally connected, vertically integrated, and ambitious group in RV, with connection into the broader tourism and manufacturing industries.

Read on to learn about our rich and storied history.

1980's - 1995: The beginnings in Helicopters and High Country

thl had its roots firmly in the scenic and adventure wonderland of the Otago region of New Zealand's South Island and traces its beginnings to three separate companies that merged to form The Helicopter Line in the 1980s. These pioneers of modern day tourism in New Zealand were dedicated to giving visitors to the region the time of their lives. The same objective exists to this day. Throughout its history the company has developed and expanded on the back of a range of iconic tourism brands. The company name, in itself, has been that of a parent company but the true heroes of the business have been its individual experiences and the brands attached to those experiences. Over time some of those brands have developed, grown, or in some cases, sold or phased out.

In its early days, The Helicopter Line specialised in chartered scenic flights with a fleet of 42 helicopters and also held a 54% interest in the Treble Cone ski fields near Wanaka. It listed on the New Zealand Stock Exchange in 1986.

In 1988 the company first entered the motorhome market, with the purchase of maui Rental Campervans and the Mount Cook Group motorhome fleet.

1995 - 2006: Rapid Growth & Diversity

Steady growth, strategic investments and acquisitions changed the nature of The Helicopter Line and in 1996 the company changed its name to Tourism Holdings Limited to more accurately reflect its diverse stable of tourism experiences, attractions and vehicle rental operations.

These included iconic private businesses such as the Newmans Group, The Mount Cook Group and Horizon Holidays and from Government origins with the likes of Milford Sound Red Boats, Waitomo Glowworm Caves and hotels purchased from the former Tourist Hotel Corporation.

During this period, thl firmly established its position as a key player in New Zealand tourism with increasing growth and investment in Australia.

• There were a number of notable business acquisitions and events during this period:
• In 1995 thl acquired 60% of the RV manufacturing business CiMunro. The remaining 40% was acquired two years later.
• Britz Motorhomes, operating in New Zealand and Australia, was acquired in 1999.
• thl acquired a 50% in Kiwi Experience and Oz Experience guided bus operations in 1995. The remaining 50% was acquired in 2000.
• The Legendary Blackwater Rafting Company and the licence to operate Ruakuri Caves at Waitomo were acquired in 2003. The Ruakuri Caves were developed into an attraction that opened in 2005.
• Backpacker Campervans was established in 1996 as a second-tier RV rental brand to Britz. Fifteen years later it was well established across New Zealand and Australia and was rebranded to Mighty, one of thl 's RV rental brands today.
• In 2005, a fire destroyed the Waitomo Caves Visitor Centre.

2007 - 2010: Strategic Realignment and an RV Focus

In 2007, thl commenced a significant strategic realignment to change the asset mix of the group with a focus on the motorhome rentals businesses, with the maui, Britz and Mighty brands across New Zealand and Australia. All of the non-motorhome tourism businesses, apart from the Waitomo Caves attractions and Kiwi Experience, were sold.

In pursuit of growth and leveraging a core competency in operating RV businesses, thl ventured into the United States by acquiring Road Bear RV Rentals and Sales in 2010, It and has since grown the business with additional fleet and locations.

In 2007, thl acquired Action Motor Bodies, an engineering and vehicle customisation business. This business, which manufactures a range of specialist vehicles, including St John Ambulances and mobile medical vehicles, is now a key part of the Action Manufacturing Group.

In 2008, following the establishment of a new lease formed to operate Waitomo Glowworm Caves with an extension to 2027 with the cave owners (the Ruapuha Uekaha Hapu Trust) and the Department of Conservation, construction started on a new Waitomo Glowworm Cave Visitor Centre. The iconic building was opened in 2010.

2011 - 2015: Industry Rationalisation, Expansion

In 2012 the RV manufacturing operations of CiMunro and specialist vehicle manufacturing operations of Action Motor Bodies were merged with KEA Manufacturing to form a new joint venture, RV Manufacturing Group (since re-named Action Manufacturing). Action Manufacturing now designs and manufactures quality mobile solutions across multiple factories including work in the medical, emergency, tourism and transport scenes.

On the rentals side, in 2012 thl led a consolidation of the New Zealand motorhome rental industry through a merger with KEA Campers and United Campervans. In the same year, thl acquired the use of the KEA brand in Australia. Over 2013 and 2014 the combined New Zealand rental fleet size was rationalised and reduced by around 25% to better match demand and increase return on funds employed (ROFE).

Following the 2012 merger, thl operated the KEA, maui, Britz and Mighty brands in Australia and the same brands, with the addition of United and Alpha, in New Zealand. In 2016, thl consolidated the brands to maui, Britz and Mighty.

In 2015 thl expanded into the United Kingdom through the acquisition of a 49% stake in Just Go, a UK-based motorhome rentals and sales business.

thl 's focus over 2013 to 2015 was on improving the ROFE of the business and positioning the core business model for future growth. The driving forces behind these changes were a focus on efficient capital management and allocation, improvements in fleet vehicle design, improvements in operational logistics and a strong customer focus.

2016 - 2020: Global Growth, Digital Innovation and Global Partnerships

In 2016 thl launched two initiatives to create more flexibility in fleet capital deployment.

The introduction of the flex fleet model saw the build or purchase of fleet, used across a peak season and sold within an 18-month period, a significantly shorter holding period compared to the core model which sees fleet held in New Zealand and Australia up to six years. thl supplements the core fleet model with flex fleet to create capital flexibility while maintaining a range of age propositions in its rental offering.

thl also founded Mighway in New Zealand, a peer-to-peer RV rental business and thl 's entry into the sharing economy.

In 2016 thl also purchased the GeoZone business to incorporate technology and content into thl 's suite of mobile device-based customer tools. thl also announced an Australasian partnership with Roadtrippers (a leading North American road travel app and data business), with the desire to create a leading tech platform to support the customer experience in the New Zealand and Australian RV fleet.

Also launched for the peak New Zealand summer season in 2016 was the Waitomo Caves Homestead. This large restaurant, café and retail outlet was purchased and refurbished. It provided increased food and beverage and retail capacity for the Discover Waitomo cave attractions business.

In December 2016, thl expanded its American scale by acquiring El Monte RV Rental and Sales, the second-largest North American based RV business at the time, and a long-established player in both the domestic and international customer segments.

In February 2018, thl established Togo Group - a 50:50 joint venture with Thor Industries Inc., the leading RV manufacturer globally. Togo Group focused on the development of a digital platform for RV owners to improve every aspect of RV ownership, including trip planning and booking, remote monitoring systems, roadside assistance, and peer-to-peer RV and campsite rental. As part of the joint-venture, Togo Group purchased 100% of Roadtrippers, together with acquiring thl assets Mighway, CamperMate, and several RV management technology platforms. Togo Group was later rebranded to Roadpass Digital.

2020 - 2022: Response to the COVID-19 pandemic

The COVID-19 pandemic, which circulated the world during 2020-2022 and caused country-wide lockdowns, proved a shock to the tourism industry.

Lockdowns saw the overnight loss of international travelers, the predominant customer of RV rental and tourism. thl rapidly turned to focus on vehicle sales, utilising rental fleet for non-tourism causes, and growing domestic rental markets.

Discover Waitomo continued operation, leveraging the national tourism effort to encourage New Zealanders to discover their own country's tourism treasures. While Kiwi Experience was put into hibernation during this time until international borders reopened.

Several transactions were undertaken to consolidate the group and its focus, including the acquisition of the remaining ownership in Action Manufacturing, the acquisition of the remaining ownership in the UK-based Just go motorhomes, and the sale of thl 's Roadpass Digital stake to its joint venture partner, Thor Industries.

By closely managing its balance sheet through the right-sizing of its fleet globally, thl achieved a significant reduction in debt over a short period despite being in a loss-making period. In doing so, thl was able to avoid an equity raise that would have been highly dilutive to existing shareholders in the globally deflated stock market.

2022 Onwards: Creation of a Platform for Future Growth

In November 2022, thl merged with Apollo Tourism & Leisure (Apollo), creating the world's largest commercial RV rental operator and establishing a platform for future growth. As part of the merger, thl also listed on the ASX as a foreign exempt listing.

Apollo, an Australian-born RV leisure operator, was founded in 1985 by the Trouchet family. Over the first decade of business, Apollo established a strong trans-Tasman operation, with brothers Luke and Karl Trouchet assuming business leadership in 2001. During the next decade Apollo expanded further internationally, entering the USA and Canada, building factories and the TALVOR brand, and launching new rental brands such as Cheapa Campa and Hippie Camper. In 2013 Apollo secured the rights to import and manufacture leading European RV brand Adria in Australia, and in 2014 the license to manufacture and market Winnebago in Australia and New Zealand. In 2016 Apollo listed on the Australian Stock Exchange and expanded its vehicle sales footprint via acquisitions of Kratzmann Caravans, Sydney RV Group and George Day Caravans & Motorhomes, as well as acquiring the remaining shares in CanaDream it did not already own. Across 2018 and 2019 Apollo expanded into the UK and Ireland with the purchase of the Camperoo Group, incorporating Bunk Campers, and opened the first branch in Hamburg, Germany. 2021 saw the first Apollo RV Service & Repair Centre open.

In parallel with the merger process, international borders reopened and travelling recommenced, with the strong recovery of international tourism. thl saw the return to profitability after two loss-making years.

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Tourism holdings and australian firm agree asset sale to progress merger.

The proposed takeover of Apollo by THL prompted regulators on both sides of the Tasman to raise concerns. Photo: Unsplash / Lawton Cook

Campervan and tourism company Tourism Holdings (THL) and Australian operator Apollo Tourism & Leisure (ATL) have agreed to sell some assets to get a merger over the line.

The proposed takeover of Apollo by THL prompted regulators on both sides of the Tasman to raise concerns, with New Zealand's Commerce Commission worried it would dent competition.

The Australian Competition and Consumer Commission (ACCC) voiced similar concerns to their New Zealand counterpart on the merger, which was first proposed in December last year.

THL announced to the stock exchange on Friday morning both companies had agreed to sell certain ATL assets to a subsidiary of the Jucy Group for $45 million, in a bid to get the merger over the line.

It includes 310 motorhomes from ATL's New Zealand and Australian rental fleets, a proportion of the forward bookings, ATL's 'Star RV' motorhome brand, and the property leases for surplus depots.

The merged entity would supply 40 motorhomes to Jucy in 2023 in each of Australian and New Zealand markets, with the option to supply more in 2024, and would introduce Jucy to wholesalers who market the Star RV brand but do not have a relationship with the company.

"The divestment to Jucy remains subject to confirmation from the New Zealand Commerce Commission and the Australian Consumer and Competition Commission that it is satisfactory as part of their respective clearance reviews of THL's proposed merger with ATL, and clearance being provided on that basis," THL said in a stock market announcement.

New Zealand and Australia's competition watchdogs were expected to announce their decisions on Friday 23 September and Thursday 29 September, respectively.

If approved, THL said the asset sale to Jucy would be completed prior to the completion of its merger with ATL.

The merger would be subject to refinancing conditions being met, regulatory approval and support from ATL shareholders.

Copyright © 2022 , Radio New Zealand

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THL posts loss, expects return to profit in 2023

Campervan company Tourism Holdings has made another full-year loss but says it is determined to make it the last.

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Tourism Holdings Ltd

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• New Zealand
• THL:NZC New Zealand Stock Exchange
• UCH:BER Berlin Stock Exchange
• UCH:STU Stuttgart Stock Exchange
• THL:DEU German Composite
• UCH:FRA Frankfurt Stock Exchange
• THL:ASX Australian Stock Exchange
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• Price (NZD) 2.08
• Today's Change -0.05 / -2.35%
• Shares traded 60.98k
• 1 Year change -45.26%
• Beta 2.2263

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About the company

Tourism Holdings Limited is a New Zealand-based tourism company. The Company is a commercial recreational vehicle (RV) rental operator. It also operates tourism adventure, travel technology and commercial vehicle manufacturing businesses. In New Zealand/Australia, it operates rental brands (Maui, Britz, Apollo, Mighty, Hippie, Cheapa Campa), manufacturing (Action Manufacturing, Apollo), retail bra nds (Talvor, Kea, Winnebago, Adria, Coromal, Windsor), retail dealerships (RV Super Centre, Apollo RV Sales, Kratzmann, George Day, Sydney RV, E-Camperco), travel technology (TripTech) and tourism attractions (Kiwi Experience and the Discover Waitomo Group, which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave and The Legendary Black Water Rafting Co.). In North America, it operates the Road Bear RV, El Monte RV, CanaDream, Britz and Mighty rental brands. In the United Kingdom and Europe, it operates the Just go, Apollo and Bunk Campers rental brands.

• Revenue in NZD (TTM) 921.73m
• Net income in NZD 39.38m
• Incorporated 1984
• Employees 983.00
• Location Tourism Holdings Ltd The Beach House, Level 1, 83 Beach Rd, PO Box 4293 AUCKLAND 1010 New Zealand NZL
• Phone +64 93364299
• Fax +64 93099269
• Website https://www.thlonline.com/

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