Mainland resort listed for sale
AIRLIE BEACH’s Coral Sea Resort is being listed for sale for the first time in more than two decades with industry price expectations of around $16 million.
The four-star resort’s Sydney-based owner Darrol Norman is divesting his family’s prized asset in the Whitsundays hub to focus on retirement.
CBRE’s Paul Fraser, who has been appointed to market the property with colleague Hayley Manvell, said the resort had an unrivalled location.
It is positioned on a 7521sq m ocean-front site between Airlie Beach’s CBD and Abell Point Marina with spectacular views over the Coral Sea coastline.
“It is arguably the best site in the Airlie Beach region, one of Australia’s most recognised tourist destinations,” Mr Fraser said.
“This is a quality hotel which presents exceptionally well, having been maintained with constant capital expenditure.”
The resort at 25 Ocean View Ave comprises 60 large guest suites, with a total inventory of 73 keys in the letting pool.
It also features a conference and function facilities, tour desk, gazebo, private jetty and award-winning Clipper Restaurant and Lounge.
“A strong economy, well-planned infrastructure and desirable lifestyle make the Whitsunday region an inviting investment environment, with Airlie Beach being a particularly attractive prospect as it is currently experiencing a rebound in tourism numbers,” Mr Fraser said.
Ms Manvell said the sale offered prospective purchasers a strong cashflow business, with multiple income streams.
“Coral Sea Resort attracts a diverse range of hotel guests, underpinning its incredibly strong rate and a robust occupancy level,” she said.
“With the hotel being owner-operated at present, and offered with vacant possession, the opportunity could present excellent rebranding opportunities – opening up the buyer pool to major brands and owner operators.
“We are expecting wide-ranging interest with a focus on offshore investors.”
Coral Sea Resort is being put to the market via an expressions of interest campaign closing on April 20.
— Phil Bartsch
FOR SALE: The Coral Sea Resort is expected to fetch $16m.