Lizard Is­land off the mar­ket but Heron Is­land deal done

Port Douglas & Mossman Gazette - - BUSINESS -

THE Lizard Is­land list­ing for sale on the prop­erty mar­ket has been with­drawn by owner Delaware North.

But Delaware North has fi­nally off­loaded an­other of its trou­ble­some Queens­land as­sets, sell­ing Heron Is­land Re­sort north­east of Glad­stone to Canada’s Aldesta Ho­tel Group for about $7.2 mil­lion. Delaware North paid $7.5 mil­lion for the re­sort in 2009, buy­ing it from GPT.

Un­der the deal, Delaware North will con­tinue to op­er­ate the 109-room re­sort plus jetty for some time.

The ma­jor­ity of Aldesta’s re­sorts are lo­cated in Bri­tish Columbia, but the com­pany has long-term plans to buy into Aus­tralia’s ho­tel sec­tor.

Mean­while, Fitzroy Is­land Re­sort off Cairns is still on the mar­ket with price ex­pec­ta­tions of about $15m.

Re­sort Bro­kers Aus­tralia was mar­ket­ing the re­sort, the per­pet­ual lease­hold and as­so­ci­ated de­vel­op­ment op­por­tu­ni­ties, be­fore Christ­mas.

Chi­nese car­rier Hainan Air­lines, which last year took an equity stake in Vir­gin Aus­tralia, has pulled out of pur- chas­ing the Novo­tel Twin Waters Re­sort on Queens­land’s Sun­shine Coast in a ma­jor blow to the state’s tourism sec­tor.

Hainan Air­lines, China’s fourth-largest car­rier, had been pre­par­ing to pay about $130 mil­lion for the Novo­tel Twin Waters Re­sort, buy­ing it from Aba­cus Prop­erty Group late last year.

Hainan, like other main­land Chi­nese com­pa­nies, is find­ing it in­creas­ingly dif­fi­cult to trans­fer money over­seas, se­nior sources said.

Aba­cus re­cently sold Ry­dges Tradewinds Cairns ho­tel and the Ry­dges Es­planade Cairns.

Lizard Is­land

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.