The InterPacific Group has announced its intention to sell its resort business and property interests at one of Queensland’s leading four-star luxury tourist destinations, Couran Cove Island Resort.
After opening Couran Cove in 1998 and guiding it through its establishment phase, InterPacific now sees the resort at a key juncture in its development and ready to advance to the next level.
“This decision has not come easily. Couran Cove is an extraordinary island property with a bright future and InterPacific has taken a business decision that now is the right time to offer its interests for sale. This would allow a new group to shape the future of the resort while leading it into the next stage. Importantly, demand for quality tourism properties is currently strong and we expect interest from national and international parties,” InterPacific Director Jim Downey said.
Mr. Downey added, “It will be business as usual during the sale process. As always, we will be focused on ensuring that our guests have an enjoyable and memorable experience with us.” InterPacific has engaged a respected team of industry professionals to manage the sale process.
Acting as exclusive advisers for the sale are real estate investment banking firm Sonnenblick Goldman Asia Pacific, assisted by leading hotel consultants Horwath HTL.
Commenting on the sale, Sonnenblick Goldman Managing Director John Smith described the announcement as exciting news for all those connected with the resort.
“Couran Cove is one of Queensland’s leading tourism assets with award winning facilities, full resort infrastructure and undeveloped land. This will be an exciting prospect for potential buyers, particularly given that a sale will be on a vacant possession basis that would permit the buyer to introduce a major hotel operator, if it chooses. In any event, we fully expect the successful purchaser will have a strong vision for the resort’s future,” Mr. Smith said.
Marketing is planned to commence in June.
Report by The Mole
