Shakespeare Property acquires Novotel Twin Waters Resort for $100m
The Shakespeare Property Group has completed the $100 million purchase of Novotel Twin Waters Resort on Queensland’s Sunshine Coast from the Abacus Property Group.
The new deal marks their fifth major hotel acquisition bringing their total room stock to more than 1200 rooms, including the AccorHotels’ managed Pullman Cairns International and Novotel Oasis Resort Cairns.
The 36 hectare Novotel Twin Waters Resort offers 361 accommodation rooms, extensive conference facilities, a wide range of leisure activities, and food and beverage outlets.
Shakespeare’s immediate intentions are to improve the current facilities to reposition the resort as a leading business events venue and leisure resort in Queensland.
“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,” said Matt Young, vice president of operations for AccorHotels in Queensland and Northern Territory.
Sunny Yang, general manager - hospitality asset at Shakespeare Property Group, said that the Sunshine Coast 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,” said Yang.
“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.”
Sheridan Randall, 26th September 2018
