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HOTEL, TOURISM & LEISURE

Ocean Hotels exiting Long Island Resort

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GROWING investor interest in leisure assets across the Great Barrier Reef has prompted Ocean Hotels to put Long Island Resort in the Whitsunday Islands to the market.

CBRE’s Wayne Bunz and Hayley Manvell are marketing the eight-hectare property, which was originally developed by Contiki.

Ocean Hotels has owned the property for the past 25 years, and has engaged Plus Architecture to prepare plans that include 44 luxury villas, a spa, a restaurant/lounge bar and an infinity pool overlooking Happy Bay.

The original Resort offered a selection of accommodation across 172 rooms, with Happy Bay and back beach frontage. It is situated on the closest Whitsunday Island from the mainland, seven kilometres off the Queensland coastline, and situated between Hamilton Island and Airlie Beach.

“Long Island Resort features mainland power and presents strong foundations for an incoming purchaser to redevelop and re-establish this once thriving island getaway and realise its true potential,” Manvell said.

The sale campaign coincides with several high-profile island resort launches, including Daydream Island and Intercontinental Hayman Island, which have both undergone $100 million refurbishments, and the boutique 10-room Elysian Retreat eco resort which is also located on Long Island.

Manvell said Great Barrier Reef islands are going through a period of resurgence, underpinned by $55 million in investment from the state government that will facilitate the delivery of critical infrastructure with innovative environmental outcomes, and has led to four new or refurbished Great Barrier Reef island resorts opening in 2019.

Bunz said it was clear that the most successful Australian leisure assets were ultra-luxury, smaller scale developments of the likes of Qualia, Bedarra Island and the Baillies Lodges, which include Southern Ocean Lodge, Longitude 131 and Cappella Lodge Lord Howe Island.

“This has been evidenced by global interest from investors in acquiring these types of leisure assets, with recent deals including KSL Capital Private Equity Group’s acquisition of a stake in Baillie Lodges and subsequent purchase of Silky Oaks Lodge in the Daintree Rainforest, Aldesta Hotel Groups acquisition of Heron Island and Greaton Group’s acquisition of Keswick Island,” he said.

Expressions of interest close July 11.

Australian Property Journal