19 December 2007: Australia and New Zealand’s largest premium hostel network, Base, has purchased Brisbane’s most popular and well known inner city hostels - Palace Central and Palace Embassy – in addition to the popular “The Down Under Bar”, an icon of the Australian backpacker bar scene.
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Operating under the auspices of the base brand, the new hostels will cement Base as the largest, privately-owned operator of quality backpacker accommodation, bars, travel outlets and job placement services in Australia and New Zealand numbering over 4100 beds, 11 bars and 34 travel outlets.
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Major Investors, Private Equity Firm Ironbridge Capital and Ivany Investments, say they are “delighted with the acquisition, which further cements the Base brand as market leaders in Australasian backpacker accommodation and delivers a wealth of opportunities for travellers, staff, suppliers and business partners”. Accor Asia Pacific Hotels, who originally established Base, remain minor investors.
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