ResortBrokers has set a new record for a management rights business on the Sunshine Coast with the sale of luxury resort Oceans Mooloolaba Beach for $11.2M.
The sale smashes the previous Sunshine Coast management rights record of $8.06M set in February 2022 for the 21-apartment On the Beach in Noosa’s Hastings Street.
ResortBrokers’ Sunshine Coast team, Glenn Millar and Chenoa Daniel, settled the sale earlier this week. The off-market deal sees the management rights change hands from vendors Vince and Sue Galle to Prestige Residential, led by Ben Orton, which also operates the management rights to On the Beach and Tingirana in Noosa Heads as well as several complexes in Brisbane and the Gold Coast. The Galles have operated the management rights since 2009.
Situated on Mooloolaba Esplanade right across from Mooloolaba Beach, the 46-apartment 10-storey luxury mid-rise is the only AAA-rated 5-star resort in Mooloolaba.
The resort’s excellence has been recognised with a swag of awards, including a 2023 Tripadvisor Best of the Best Award, a 2022 Tripadvisor Travellers’ Choice Award, a 2020 Tripadvisor Best of the Best Award, a 2018 World Luxury Hotel Award, a 2016 Tripadvisor Travellers’ Choice Award, a 2016 Tripadvisor Certificate of Excellence and a 2015 Tripadvisor Hall of Fame Award. The complex, which opened in 2005, currently enjoys a “Superb” 9.2 rating on Booking.com and a “Excellent” 4.5 rating on TripAdvisor.
“Fourteen years ago, the Galles took a good business and turned it into a great business,” says Millar. “This is an impeccable asset, which is reflected in the record amount it sold for.”
Millar joined ResortBrokers in 2005 and is the nationwide agency’s longest-serving broker with more than 40 years’ experience in the hotel and resort sector. With ResortBrokers, Millar has sold over 200 management rights businesses with a combined value exceeding $350M, equating to a sale settling every 25 days on average. Daniel joined ResortBrokers in 2016, first covering North Queensland, and has been based on the Sunshine Coast with Millar for the last three years. With ResortBrokers, Daniel has sold over 60 management rights businesses with a combined worth of over $120M.
(ENDS)
BACKGROUND INFORMATION:
ResortBrokers is Australia’s longest established and most experienced specialist agency operating in the accommodation and hospitality sector. Established in 1985, it was the first brokerage to focus exclusively on sales of tourism and accommodation-related businesses.
Today, ResortBrokers proudly remains a family business and holds a firm position of industry leadership. Its national network of over 30 brokers in every state and territory handles the sale of motels, management rights, hotels, serviced apartments, backpackers, and caravan and holiday parks.
This article was contributed by ResortBrokers.
You can find more information at: https://www.resortbrokers.com.au/
Original article source: https://www.resortbrokers.com.au/learn/blog/media/resortbrokers-sets-new-sunshine-coast-management-rights-record-with-sale-of-oceans-mooloolaba-beach-for-112m.html