Southern buyers home in on Outrigger resort
SYDNEY investors with liquor interests at Coolangatta and the Tweed coast have outlaid almost $7 million to acquire a sizeable stake in the Outrigger Surfers Paradise.
The investors, Peter Mattick and Philip Salter, have bought 81 titles in the 406suite resort, acquiring them from receivers for $6.96 million through company Mortmatsal Investments.
The investors’ liquor interests include The Beach Hotel at Kingscliff, the Chinderah Tavern and the Coolangatta Sands Hotel, all held through Datenews Investments.
The 2194sq m Beach Hotel property, at 102 Marine Pde, Kingscliff, was acquired with a 562sq m Pearl St holding in an $8.21 million deal in July 2007.
The Chinderah Tavern was bought in November 2012 for $1.6 million, and the Coolangatta Sands Hotel was acquired for $5 million in August 2005.
Datenews’ interests also include the Taphouse Cellars at Kingscliff and Coolangatta Sands Backpackers Hostel.
The Outrigger comprises mainly 37sq m one-bedroom suites and was strata-titled by the Raptis Group in 2006.
The group paid $105.75 million for the then Holiday Inn hotel and adjoining Piazza shopping centre in 2004.
Mortgagees are understood to have taken control of more than 230 suites in the resort after the global financial crisis.
The 81 units, held by the Raptis Group via Seasilver Hotels, were placed on the market by receivers at BRI Ferrier.
The price equates to less than $86,000 a unit, significantly less than their $275,000 to $350,000 price-tags when put to market in 2006.