Announcement to the ASX re purchase of the Sheraton Hotel, Brisbane

Announcement to the ASX re purchase of the Sheraton Hotel, Brisbane

20-Aug-2004

Thakral Holdings Group today announced it had exchanged contracts to acquire the Brisbane Sheraton from Mulpha Australia Limited for a purchase price of $100 million. The contract is conditional on FIRB approval.

The 410 room, 5 star hotel, is a landmark situated in the heart of Brisbane City above Brisbane’s Central
Railway Station. The hotel has recently completed a $10 million refurbishment.

Commenting on the acquisition, Thakral’s Managing Director, Mr John Hudson said: “Thakral has an established policy of trading hotel assets when the Board determines an appropriate opportunity exists. In this regard, Thakral has, in recent years, progressively sold smaller properties realising approximately $90 million to concentrate on larger properties on the Eastern Seaboard. An acquisition of this size and quality is an excellent fit for Thakral and is in line with our strategy. The Sheraton Brisbane complements Thakral's other hotel properties in Melbourne, Sydney and the Gold Coast and brings the total value of hotels owned by Thakral to $503 million.”

“We have acquired the hotel with the benefit of vacant possession which means we are free to negotiate
with potential hotel operators to improve the return from the property. The recent refurbishment and our view that the Brisbane market is in line for a sustained period of strong growth makes this a valuable addition to Thakral’s portfolio.”

Please provide us with your confirmation of release announcement.

Yours faithfully



Andrew Horne
Group Company Secretary

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