Landmark Sunshine Coast resort sells for $100 million
A Sunshine Coast property boasting one of top resort golf courses in Australia has sold for $100 million.
Novotel Twin Waters Resort, with its Peter Thompson-designed championship course, is a landmark conference, wedding and holiday venue.
Located between the Maroochy River and Mudjimba Beach, the 36ha resort site comprises 361 low-rise accommodation rooms, extensive conference facilities and a wide range of leisure activities alongside restaurants and bars.
The Shakespeare Property Group this week completed purchase from the Abacus Property Group, marking their fifth major hotel acquisition and bringing their total room offering to more than 1,200.
Matt Young, vice president of operations for AccorHotels in Queensland and Northern Territory, said the group was proud to strengthen its business partnership with Shakespeare Group.
“We look forward to aligning with their new vision for the resort and continuing to position Novotel Twin Waters Resort as a premier facility for leisure and conference guests alike.”
The $100 million purchase of the resort comes at a time of unprecedented investment in tourism infrastructure on the Sunshine Coast, with a new runway and terminal facilities being developed for Sunshine Coast Airport, significant upgrades to the Bruce Highway confirmed, and two new five-star hotels approved over the past six months.
Shakespeare’s general manager for hospitality assets, Sunny Yang, said the region offered outstanding potential to grow tourism in the short and long term.
“With the airport being upgraded to an international airport in 2020 capable of attracting direct flights from Asia and the Pacific, we were very impressed with what the region can offer,” he said.
“The Sunshine Coast is still relatively under developed, despite having excellent access to major source markets across Australia. With the vast expenditure in infrastructure development, we think our purchase of the Novotel is very timely.
“We have worked closely with AccorHotels on other hotel projects in Queensland and we look forward to working with them on maximising the potential of Novotel Twin Waters Resort.”
CEO of Visit Sunshine Coast, Simon Latchford, said that the purchase of the four-star Novotel was a sign of investor confidence in the south east Queensland region.
“There is over a billion dollars’ worth of infrastructure projects approved on the Sunshine Coast which will transform the region’s tourism sector, while still retaining our relaxed, ‘naturally refreshing’ image,” he said.
“We are very excited with Shakespeare’s involvement in our region.
“They have an excellent track record in identifying high-potential tourism assets, and the Novotel plays a key role in supporting the region’s leisure and conference business.
“We welcome their intentions to upgrade and expand the resort’s facilities, as it enjoys a premier location on the Sunshine Coast and can build on its reputation as one of Australia’s most popular family-friendly and conference venues.”
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