The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
InfrastructureStaff WriterThu 20 Apr 17

Buyers Tipped To Circle Vanuatu’s Premier Hotel And Casino Complex

GrandHotel-License-for-web-internal-press-brochure-5_620x380

Melbourne’s Zagame Corporation is moving to sell Vanuatu’s Grand Hotel & Casino at Port Vila to capitalise on surging buyer interest in leisure oriented accommodation assets.

The 74-room waterfront property is the premier hotel and casino venue in Vanuatu.

Situated 10km from the airport at the heart of Port Vila’s business and entertainment precinct, the eight-level waterfront hotel offers a variety of income streams from its casino, accommodation and fooD and beverage facilities.

CBRE Hotels’ Rob Cross and Andrew Jackson will steer the Expressions of Interest campaign, which closes 30 May 2017.

Mr. Cross said long time owners Zagame Corporation were selling the hotel and casino complex to focus on their extensive pub and accommodation interests in Australia.

“We’re expecting considerable interest, predominantly from Australian and New Zealand investors,” Mr. Cross said.

“The campaign provides an opportunity to acquire the best hotel and casino in Vanuatu, which is currently owner operated but is being offered with vacant possession.

"While the hotel and casino has enjoyed trading growth in recent years, the introduction of a professional management company with a strong brand reputation could lead to further trading upside.”

Constructed in 2003, the four-star hotel overlooks Port Vila Harbour and offers views towards Iririki Island.

The casino, regarded as the best in Vanuatu, features 15 gaming tables and 136 slot machine, with a VIP top floor gaming room.

The hotel also features a restaurant, conference rooms, four bars and pool and spa facilities.

CBRE’s Mr. Jackson said investors were increasingly targeting leisure-oriented investment opportunities given the tightly held nature of Australia’s CBD hotel markets.

This had been highlighted by a series of Cairns hotel transactions in 2016 - specifically the Rydges Tradewinds, Novotel Oasis and Rydges Esplanade - for a combined total of $122 million.

“In the case of the Grand Hotel & Casino, the property is poised to benefit from the Vanuatu Tourism and Infrastructure Project, which is funded by the New Zealand Aid Program,” Mr. Jackson said.

“The project will concentrate on the rehabilitation of Port Vila’s seafront and the main wharf areas, providing a central pier observation platform, sea steps, a water taxi jetty, seawall promenade and walkways, markets buildings and playgrounds.”

HotelAustraliaConstructionMarketingReal EstateConstructionSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
The two towers, of 35 and 34 storeys, help cement the SA capital’s growing status as the best place in Australia for the…
LATEST
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
2 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/buyers-tipped-circle-vanuatus-premier-hotel-casino-complex