FOR SALE: Sunshine Coast resort fit for royalty
IT'S one of the most important resorts on the Coast, has hosted royalty and looks set to come at an eye-watering price tag.
The four-star, 361-room Novotel Twin Waters Resort is officially on the market, after Abacus Funds Management Ltd formally enlisted McVay Real Estate to proceed with an expressions of interest process to sell the popular resort.
China's Hainan Airlines recently pulled out of purchasing the resort for a reported $130 million, after Abacus paid about $60 million a decade ago for the resort managed by Accor.
The resort hosted Queen Elizabeth and Prince Philip in 2002 and is set to act as a home base of sorts for a number of countries, including the Isle of Wight and Scotland, ahead of the 2018 Commonwealth Games on the Gold Coast.
Expressions of interest will be open until May 11, with Sam McVay, a man who has shifted more than $750 million in commercial retail real estate for CB Richard Ellis before, part of the team entrusted to sell the resort.
Twin Waters has hosted the Wanderlust Festival for the past two years and will again be the epicentre for all things yoga and lifestyle later this year.
Wanderlust director Jonnie Halstead said his team enjoyed a "great relationship" with resort management and the possibility of increased luxury accommodation on the site delivered by new ownership was exciting.
"We certainly welcome that because attendees of the resort are flying in from all over the world," he said.
"Some do want to stay at five-star places."
Visit Sunshine Coast CEO Simon Latchford said the resort had become one of the Coast's most important, after the demise of the Hyatt Coolum resort.
"It's big, strong, large-capacity... that's also incredibly flexible," he said.
Novotel Twin Waters general manager Warwick Kahl said it was business as normal for the resort which was booked out for Easter and had enjoyed a dream start to April.
Mr Kahl said the Accor Management Group's management agreement would continue through the sales process.
He said there had yet to be a buyer come through to complete an inspection but he expected that to ramp up over the coming weeks.
"We've had a great start to April, conferencing is strong and we are full for Easter."