Broadreach Acquires the Oasis Resort Cairns, Queensland, Australia
Plans to Flag Resort as a Novotel Property
PALO ALTO, CA, June 21, 2007. Broadreach Capital Partners acquired the Oasis Resort Cairns hotel and resort located in Queensland, Australia from MFS Limited, a publicly traded fund management and investment company, for approximately $38.5 million or A$48 million.
Formerly owned and operated by Sunleisure Group, Oasis contains 314 rooms & suites, a spacious courtyard and a large lagoon swimming pool and beach in the center of the property. This 4 star resort is located in Cairns, a city known as the primary launching point to the Great Barrier Reef and the Daintree Rainforest region.
"This transaction is a compelling opportunity for us to acquire a high quality resort well-located in the heart of the city and just one block from the ocean," commented Heather Castellari, Broadreach's director responsible for lodging related investments on the West Coast and Pacific Rim. "Given the project's great access to the Great Barrier Reef, we expect it to benefit from continued, growing demand for Pacific Rim travel."
Broadreach will immediately begin a $3.2 million (A$4 million) rehabilitation of the resort including refurbishing all guest rooms and lobby areas. Additionally, as part of the transaction Broadreach acquired two adjoining 4,000 square mater land parcels and is investigating the possibility of developing some combination of multi-family, retail and/or a limited-service hotel on the property.
The Oasis Resort was offered unencumbered by management or brand and will be flagged as a Novotel property, a concept from the Accor Hotel Company which also manages the Sofitel brand.
"We will work closely with Accor to create a more formalized, branded approach to the hotel's operation and management and are very pleased to have such a capable partner that already has a strong loyalty program and time share operations within the Australia market," added Castellari.
The transaction was brought to the company by Australia-based Geordie Clark, a former managing director with Jones Lang LaSalle Hotels, who will continue to identify investment opportunities in the lodging arena for Broadreach.
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