UAE - Mubasher: Ghassan Aboud Group, the UAE-based business conglomerate, has acquired Vincent Hotel, formerly known as The Fantauzzo, in Brisbane in Australia.

The acquisition, one of the first major transactions in the hospitality sector concluded during the coronavirus (COVID-19) pandemic in Australia, enables the group to become Australia’s largest independent owner of five-star hotels and resorts, according to a recent press release.

Vincent Hotel will add to the portfolio of Crystalbrook Collection, founded by Ghassan Aboud as a hospitality management entity in 2016.

The group's hospitality and real estate investments across strategic locations in Australia are valued at $1 billion, all of which are managed by Crystalbrook Collection.

The Founder of the Group, Ghassan Aboud, said that the group plans to expand its businesses across several sectors in the UAE, including retail, automotive, e-commerce, and trade and distribution.

Aboud added: "The acquisition of Vincent Hotel in Australia underlines the financial strength of our organisation, driven by the enabling environment offered by the UAE where we are headquartered."