Commercial & Industrial Property News Update

Australia - Iconic 1.3 ha Whitsunday Islands Hotel Put Up For Sale

November 2, 2012

After establishing a strong cash flow over its five-year ownership, Oceans Hotels and Tourism group has released its Club Crocodile Airlie Beach hotel property for sale.

The 1.3 ha Club Crocodile Airlie Beach hotel - an iconic hotel property in one of Australia's top tourist destinations - has been released for sale on the market.

Located on the Whitsunday Islands, a collection of islands off the central coast of Queensland, the property is being offered through an expression of interest campaign run by the PRDnationwide Whitsunday agency. Tenders for the sale will be accepted until 12 November.

Owner Oceans Hotels and Tourism group said that enquiries are expected to come from tourism operators and mining companies. 

The hotel houses 160 rooms, two swimming pools, a tennis court, a games roomand a restaurant. It has north-facing views across the beautiful Whitsunday Passage, and is located close to local airports, shopping centres and restaurant. The property sits on a Residential B land parcel.

PRDnationwide marketing agent Christie Leet said the hotel, owned by the Oceans Hotel group for five years, already has a strong cash flow.

This property has an established iconic brand with strong recognition in tourism circles, particularly regionally, coupled with the main road exposure and capitalizing on the drive-by market which is predominantly mining related,” said Leet.

The hotel is most likely to be picked up by an owner-operator or a smaller national hotel chain. However, there is also a high possibility that a mining firm or investor may acquire the property and convert it for staff or off-site accommodation usage.

“Airlie Beach is in the top five desired tourism destinations nationally. Club Crocodile's volume of 160 rooms will allow the new owner a substantial footprint in the Whitsunday marketplace,” Leet added.

Tags: Commercial real estate, Shop for rent, Income properties

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