Brisbane

Owner of Coral Sea Resort to set sail

Coral Sea Resort, in one of Australia’s most recognised tourist destinations Airlie Beach, is to be offered for sale.

28 Mar 2018

Coral Sea Resort, in one of Australia’s most recognised tourist destinations Airlie Beach, is to be offered for sale.

CBRE Hotels agents Paul Fraser and Hayley Manvell have been appointed to market the 4-star resort on behalf of Sydney-based owner Darrol Norman. 

The offering at 25 Ocean View Avenue comprises 60 large guest suites, with a total inventory of 73 keys in the resort letting pool, conference and function facilities, tour desk, gazebo, private jetty, and the award-winning Clipper Restaurant and Lounge.

CBRE Queensland Director Paul Fraser said the asset has been held by the same owner for over 20 years and the family has now decided to divest their prized asset to focus on retirement. 

“This is a quality hotel which presents exceptionally well, having been maintained with constant capital expenditure. The resort has an unrivalled location, positioned on a 7,521sqm ocean front site between the CBD and Abell Point Marina and offering spectacular views over the Coral Sea coastline. It is arguably the best site in the Airlie Beach region.” 

“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 added.

Ms Manvell said the sale offered prospective purchasers a strong cash flow 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. 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 off shore investors,” Ms Manvell noted.

The Coral Sea Resort is to be sold via Expression of Interest, closing Thursday, April 12, 2018 at 2pm (AEST).

 
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.