Press Release re Purchase of Palm Cove Resort

Press Release re Purchase of Palm Cove Resort

11-Jan-2000

Thakral Holdings Limited has agreed to buy the leading resort in the Cairns area, the Courtyard Marriott Great Barrier Reef Resort from KM Australia Pty Ltd for $20 million.

The 189 room property, at Palm Cove 20 minutes north of Cairns, on the shores of the Coral Sea and close to the Great Barrier Reef has recently undergone a $4.8 million refurbishment.

The freehold acquisition gives Thakral considerable scope to add value to the property, as it includes a 1.7 ha development site for potential residential accommodation, or holiday apartments.

Managing Director of Thakral, John Schaap, said the company knows the Cairns area well, having acquired the Lyons Hotel in Cairns in 1997 and in May 1999 completed its transformation into the All Seasons Esplanade Hotel.

That redevelopment included new commercial outlets and an imaginative streetfront promenade that has proven extremely successful in rejuvenating the site.

"Palm Cove offered us the opportunity to acquire a premier beachside resort near Cairns well below development cost. It gives us scope to employ our particular skills of improving returns from hotels, gaming and development," Mr Schaap said.

The Palm Cove resort is set among coconut palms and 700 year old melaleucas with views over one of the largest free form swimming pools in the southern hemisphere to the beach and Double Island offshore. As well as a four storey resort building, it has a restaurant, bar, conference and banqueting rooms and a free standing tavern.

Thakral's acquisition demonstrates its conviction that tourism to Australia's tropical north and Great Barrier Reef will continue to grow.

"Asian tourism is recovering from the effects of the Asian crisis and tourism from other parts of the world to the unique Barrier Reef and Daintree rainforest area is picking up. Cairns is Australia's major northern gateway, with the international airport receiving 61 flights a week and more Australians are discovering the unique attributes of the area," Mr Schaap says.

Flight times from Tokyo, Jakarta and Kuala Lumpur are just over 7 hours, with Singapore 6.20 hours away.



Released by: Thakral Holdings Limited
Through: FCR (Financial & Corporate Relations)
Contact Anthony Tregoning (02) 9235 1666.

For further information or comment, please call:
John Schaap
Managing Director
Thakral Holdings Limited
on (02) 9272 8888

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