Timeshare giant secures timely resort deal in tropical north Qld tourism hub
Wyndham has boosted its presence in Queensland with its acquisition of a majority freehold interest in a resort in the tropical tourist hub of Airlie Beach.
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US-based hotel and timeshare giant Wyndham has dived into a deal and checked into a Whitsundays mainland resort.
Its acquisition of a majority freehold interest in the former Peppers Airlie Beach resort comes two years after its first attempt to dip its toes in the tropical tourist hub.
Wyndham’s Asia Pacific arm exchanged contracts in 2017 to buy the same 4.5-star resort but the deal collapsed.
It recently swooped again and successfully sealed a deal after the hillside tourism asset overlooking the turquoise waters of the Whitsundays Passage was re-listed in September.
Sold through an international expressions of interest campaign, the purchase boosts Wyndham’s presence in Queensland and comprises 59 of the 106 strata apartments and villas in the complex.
The sale price is yet to be disclosed but industry expectations were between $15 million and $20 million.
Wyndham Vacation Clubs president and managing director – international operations, Barry Robinson, said the property will be rebranded Club Wyndham Airlie Beach Whitsundays.
Mr Robinson said he is excited to have secured the north Queensland property.
“A gateway to the spectacular Whitsunday Islands, Airlie Beach is a vibrant tropical destination popular with travellers from all over the world and is somewhere our timeshare owners have been asking us to enter for some time,” he said.
“We are committed to growing our presence in regional Australia, and this acquisition is in line with that strategic intent.
“We look forward to sharing this beautiful location with our almost 60,000 Club Wyndham timeshare owners and guests, who will love the stunning scenery and excellent facilities.”
The resort — on a 1.8ha north-facing site on Hermitage Drive with views across the Port of Airlie Marina and the Coral Sea coast — was built by Latitude Development Group in 2009 for about $80 million and in 2016 the company was placed in the hands of the receivers.
It also features an open-air restaurant and bar, infinity pool and spa, gym, conference facilities and undercover parking.
As part of the acquisition, Wyndham will also own and operate the onsite food and beverage and conferencing facilities.
The deal was brokered by CBRE Hotels’ Wayne Bunz and Hayley Manvell.
“Wyndham’s timing of the purchase of this iconic asset in the Whitsundays is excellent, with the region’s accommodation market witnessing a strong resurgence off the back of a growth in rate and occupancy, and with over $200 million committed for new and improved infrastructure across the Whitsunday region, which will certainly cater for the region’s next growth boom,” Mr Bunz said.
The addition of Club Wyndham Airlie Beach takes the Wyndham’s Asia Pacific managed resort portfolio to 70 properties across Australia, New Zealand, Fiji, Indonesia, Thailand, Hawaii, Europe and Japan.
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