Syrian billionaire invests in Port Douglas
Dubai-based Syrian billionaire Ghassan Aboud has snapped up the Reef Marina at Port Douglas and now plans to invest $100 million into a new hotel and residences at the north Queensland tourist destination.
It will be the fourth development in Queensland for Crystalbrook Collection, the hospitality arm in Australia of Mr Aboud's GA Group.
Crystalbrook acquired the marina for an undisclosed sum from former Macquarie banker Andrew Hooper-Nguyen and his business partner, the co-founder of Excel Coal, Chris Ellis.
All up, the acquisition of the Port Douglas marina and the proposed development takes Mr Aboud's exposure to around $500 million in Queensland hospitality assets.
That’s half way to the group’s target of $1 billion in investment in all.
It is planning to expand the facility further to accommodate more superyachts.
The plan would see the addition of another 24 berths to the existing 132 berths to cater for yachts of up to 50 metres in length.
Added to that would be a luxury 100-room hotel on the waterfront, near 50 premium residences and further retail and dining areas.
Aboud already has three hotels in Cairns under construction with an investment of more than $370 million.
"With our plans, we believe we can redefine the Australian marina experience and ensure Port Douglas is an essential-visit location for high-end global travellers," Mr Aboud told the Australian Financial Review.
Mr Hooper-Nguyen and Mr Ellis restored the Port Douglas facility when they took it over in 2013, adding a super-yacht extension, refurbishing the retail complex and getting development approval for 85 luxury townhouses and apartments.
"Our strength is in turnaround and operation of marinas," Mr Hooper-Nguyen told The Australian Financial Review.
"Whereas not long ago the marina was literally falling apart; today it is a superyacht hub featuring world class entertainment venues.
"Having obtained approval for the redevelopment of the site, it is appropriate to pass the marina onto an experienced developer.
"This will be the 'second wave' in Port Douglas' evolution as one of Australia's premier holiday destinations. I wish them well."
by Leon Gettler, September 27th 2017
