This article is from the Australian Property Journal archive
Accor Premiere Vacation Club has bought the Busselton Bungalows resort for $11 million from Westralia Property Management.
The Busselton resort includes 59 apartments, which will be rebranded to Accor’s upmarket hotel and resort brand, the Grand Mercure, managed by APVC Resort Operations Division.
The fully self-contained studios, two and three bedroom apartments will undergo a soft furniture refurbishment to upgrade the accommodation and facilities to 4½ star standard.
The resort is situated on the beachfront at Geographe Bay, two and half hours drive south of Perth with resort style facilities.
“The resort is in one of the most picturesque parts of Western Australia, midway between Perth and the world famous Margaret River and its wineries, with world class diving, marine wildlife and a temperate climate,” APVC’s chief executive Martin Kandel said.
The Busselton resort will be the ninth Grand Mercure available to APVC members, including the historic Basildene Manor Margaret River Grand Mercure, also in Western Australia.
APVC’s investment in the Australian and New Zealand tourism property market has increased to over $68 million.
Accor currently operates 23 Grand Mercure properties in the Asia Pacific region.
Kandel said APVC is well on track to record an impressive 2006 bottom line – with forecasts predicting over $100 million in gross revenue.
The sale was negotiated by Hanson Property Marketing and Savills in Perth.
Accor is expected to settle on the purchase at August 16, 2006.
By Kathryn O’Meara
