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G + T advise on resort acquisition

G + T advise on resort acquisition

Gilbert + Tobin partner David Wilkie has continued a strong run of deals by advising Accor Asia Pacific as the operator of the Novotel Twin Waters resort in Queensland, and the Abacus Property…

Gilbert + Tobin partner David Wilkie has continued a strong run of deals by advising Accor Asia Pacific as the operator of the Novotel Twin Waters resort in Queensland, and the Abacus Property Group on its acquisition of the resort from Lend Lease and GPT Group.

The resort and land sold for approximately $58 million. Accor will remain as the hotel’s operator, with a caretaker role extending to adjacent strata lots that are also part of the Twin Waters development. The 355-room hotel is located on the Sunshine Coast and features a private lagoon, golf course and surf beach. It is situated adjacent to the Maroochy River.

Gilbert + Tobin advised Accor and Abacus on the general structure and purchase of freehold property, as well as ancillary licensing and land title issues. Wilkie said the transaction was “particularly difficult” given the very short exclusivity period that clients were given to carry out due diligence and sign agreements.

“Further complexity was added by land title and access issues that arose from the sub-division of land to be retained by Lend Lease for future development,” he said.

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