Castaways Mission Beach sells to Travel + Leisure Co
A landmark Cassowary Coast resort has finally sold to an American timeshare giant after being on and off the market since 2018.
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A landmark Cassowary Coast resort has finally sold to an American timeshare giant after being on and off the market since 2018.
The sale marks the end of an 18-year era for Melbourne-based property mogul James Neville Smith, who acquired the Castaways Resort and Spa in Mission Beach in 2007 for $5.7m.
Resort Brokers announced the sale of the 46-room resort, which features a recently revamped restaurant, on Friday.
Occupying 100m of Coral Sea frontage at 2-14 Pacific Pde, the 3400sqm property considered the jewel in the crown of Mission Beach is now owned by American timeshare giant Travel + Leisure Co.
The company is set to operate the resort under the Wyndham Hotels and Resort brand.
“We received enormous interest in this offering, with over 100 inquiries resulting in 12 inspections and several highly competitive offers,” Resort Broker’s North Queensland agent
Leah Bursztynowicz said.
“We’re delighted Castaways will be operated by Travel + Leisure Co, which has the global clout to put this iconic resort on local and international radars.”
The sale of the resort comes with council endorsement of a new 226-room beachfront resort the previous owner priced at $70m, however, it’s unclear if levelling the old resort built in 1986 and starting fresh is part of the new owner’s plan for the property.
The approved development plans would complete a redevelopment vision that began a decade ago with a $6m transformation.
Managing director of Travel + Leisure Co’s international operations, Barry Robinson, said the acquisition made good sense given existing Club Wyndham resorts in Airlie Beach and Cairns.
“Club Wyndham Mission Beach will be the 67th addition to our Club Wyndham South Pacific portfolio and will prove to be a perfect destination for owners taking eastern coast road trips between existing resorts at Airlie Beach and Cairns,” Mr Robinson said.
Resort Brokers managing director Trudy Crooks said she was seeing the highest demand for regional assets since the company was founded 40 years ago.
“Mission Beach has proven appeal as one of North Queensland’s top holiday destinations, and Castaways’ iconic stature attracted a top-quality buyer in the form of Travel + Leisure Co,” Ms Crooks said.
Before listing the resort for sale and since the collapse of the Mayfair 101 group, James Neville-Smith said “the inactivity on Dunk Island has cost our business and broader tourism in the region”.
The property’s sale price has not been revealed, however, the asking price was $7,995,000.
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Originally published as Castaways Mission Beach sells to Travel + Leisure Co
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