Sale of Courtyard by Marriott Hotel, Palm Cove

Sale of Courtyard by Marriott Hotel, Palm Cove

17-Jun-2002

Thakral Holdings today announced that it had exchanged contracts for the sale of the Courtyard by Marriott Hotel, Palm Cove, Queensland for $16 million. Thakral acquired the property together with an adjoining parcel of land for $20.5 million in May 2000. The hotel has a book value of $15.6 million, and accordingly the sale, after selling and other costs will result in a small profit over book value.

Since acquiring the property, Thakral has sub-divided the development land and obtained approval for 110 resort style serviced apartments together with an additional 6 three bedroom villas which are currently under construction. The development located in a prime, beachfront location, will feature a restaurant and a free-form lagoon style pool. The apartments, will be built around the pool and have been designed to ensure that the majority of the apartments enjoy beach and ocean views.

Thakral expects to commence marketing of the apartments in July to coincide with the peak time for tourists to the area.

Yours faithfully,

Andrew Horne
Company Secretary/Legal Counsel


Further information:
John Hudson, Executive Director
Telephone: (02) 9272 8888
Mobile: 0417 266 744

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