Larrakia Development Corporation has expanded its investment in the Northern Territory tourism sector, acquiring shares in the Adina Vibe Hotel from Indigenous Business Australia.
Last week Larrakia completed its purchase from IBA of shares in the hotel and apartment enterprise located in the Darwin Waterfront Precinct. The purchase reduces IBA's effective ownership to 40 per cent while making Larrakia a five per cent owner.
The Corporation noted on Monday that the investment is not only commercial, it also provides for a growing Larrakia presence at the Waterfront, that will "create culturally informed spaces and further opportunities for employment and training of the Larrakia people".
Larrakia Development Corporation chief executive Nigel Browne said now is the right time for the corporation to reinvest in the assets.
"The Larrakia Development Corporation has spent the last twenty-two years investing in economic prosperity for all Larrakia. The repurchase of shares of the Adina Vibe allows us to do just that and be able to provide genuine engagement into one of the NT's economic growth industries," he said.
"With the Larrakia Cultural Centre slated to open in 2026 and the purchase of these shares, Larrakia Development Corporation is placing our faith in the growing economic and employment opportunities in the NT's Aboriginal Tourism sector.
"The Adina is suitably located at the Darwin Waterfront to seize on the growing popularity of the precinct and does not interfere with the nearby registered Larrakia Sacred Site."
Indigenous Business Australia said the organisation "supports and enhances the economic development opportunities of Aboriginal and Torres Strait Islander people across Australia", noting that divestment opportunities that benefit Indigenous communities are part of the strategy to create wealth and positive impacts for the future.
IBA acting chief executive Shanti Rama said the investment by Larrakia Development Corporation means Traditional Owners benefit from the future growth of the property.
"It also further encourages First Nations employment and cultural recognition which lead to a more inclusive community – all key priorities for IBA," she said.