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.
Shakespeare Property Group is an experienced hotel investor in Australia, with a string of projects in major centres along the east coast, including two other hotels managed by AccorHotels – Pullman Cairns International and Novotel Oasis Resort Cairns. This is their fifth major hotel acquisition bringing their total room stock to more than 1,200 rooms.
Located between the Maroochy River and Mudjimba Beach, the 36ha Novotel Twin Waters Resort site comprises the low-rise Resort with 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 and create additional employment opportunities within the Sunshine Coast region.
Matt Young, Vice President of Operations for AccorHotels in Queensland and Northern Territory said that AccorHotels is 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 5-star hotels approved over the past six months.
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 Mr 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.”
CEO of Visit Sunshine Coast, Simon Latchford, said that the purchase of 4-star Novotel was a sign that investors are confident in the investment opportunities and growth of Sunshine Coast as a destination.
“We are very excited with Shakespeare’s involvement in our region,” he said.
“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.
“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.”
Mr Latchford said that Shakespeare’s purchase of Novotel Twin Waters Resort came just three weeks’ prior to the Sunshine Coast holding its first ever tourism investment event in Sydney, which was aimed at attracting more investment in tourism infrastructure across the Sunshine Coast.