This article is from the Australian Property Journal archive
OAKS Hotels & Resorts has sold the management rights and freehold of four properties for $18 million to a company associated with its CEO.
The sale will contribute approximately $3.85 million to the company’s net profit after tax.
Oaks said the properties have been classified non-core and as a result an open and competitive tender sale process was undertaken which received five offers.
Collections Enterprises Pty Ltd was successful in the bid, the company is representing a syndicate of purchasers associated with Oaks’ CEO Brett Pointon.
The four properties are Oaks Seaforth Resort, Alexandra Headland, Oaks Calypso Plaza Resort, Coolangatta, and Oaks Lexicon Apartments and Oaks 212 on Margaret Street, both in the Brisbane CBD.
The sale is subject to finance.
Australian Property Journal