Peppers Airlie Beach put on the market
Iconic Peppers Airlie Beach is being offered for sale via an international expression of interest.
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Iconic Whitsunday resort Peppers Airlie Beach is being offered for sale via an international expression of interest process.
The receivership sale will be handled by CBRE Hotels and PRD Nationwide Airlie Beach on behalf of McGrathNicol.
CBRE's Paul Fraser said now was a good time to buy.
"Values in regional areas are significantly below replacement cost and this imbalance, combined with the strong performance of Australia's major leisure markets in a lower Australian dollar environment, is spurring buyer interest in available investment opportunities," he said.
CBRE agent Wayne Bunz said there was already significant interest in the area, pointing to the recent sale of Club Croc, Daydream Island and South Molle Island.
"We have been inundated with enquiries for leisure assets of late, particularly from mainland China," he said.
"Investors are looking to enter key leisure markets and capitalise on their potential for future growth, particularly in light of the softening Australian dollar, which is creating favourable market conditions for the local tourism market."
Mantra Group Regional General Manager Winston Hall said Peppers Airlie Beach is up for sale with a current management agreement with Peppers, part of the ASX200 listed hotel and resort operator Mantra Group.
"Mantra Group has continued to operate Peppers Airlie Beach since the receivers (the current owners of the resort's management and letting rights) took control of the business early this year," he said.
"Should the receivers sell their management and letting rights, Mantra Group looks forward to discussing their tailored operating models with the new owners".
The sale includes 59 of the complex's 106 apartments, with the remainder privately owned, and management rights to the entire facility including reception, Tides Restaurant and Bar, a meeting venue and the commercial tenancy leased to Endota Day Spa.
The 4.5-star resort sits on a 1.8ha site.
Expressions of interest close October 20.
More to follow on what this means for the Whitsundays.
Originally published as Peppers Airlie Beach put on the market
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