Dunk Island has sold for an undisclosed sum to the Australian wholesale Private Equity Fund in a deal exclusively brokered by JLL Hotels & Hospitality Group’s Andrew Langsford and Nick Roche.
The island is one of only a few freehold islands on the entire Great Barrier Reef and offers significant potential to develop Australia’s next major tourism icon, with mainland power connection, commercial sealed airstrip, perpetual water, and extensive utilities infrastructure. Previously owned by Qantas and international cruiseline company P&O, the former “Dunk Island Resort” operated as a 4.5-star family resort featuring 160 guest rooms, a 9-hole golf course, multiple food and beverage outlets, tennis courts, and day spa.
Mark Spillane, Managing General Partner of Upsense Media Capital said, “We are delighted at the opportunity to bring new life to this iconic Australian asset, and we look forward to working closely with the local community, regional and state government and other key stakeholders in planning a sustainable development”.
Andrew Langsford, Senior Vice President, JLL Hotels & Hospitality Group noted “Australia’s regional hotel market has been a huge beneficiary of Australia’s high overseas spend being diverted domestically.
However, when international travel resumes, we expect to see accelerated demand from international travelers visiting Australia as our attractiveness as a safe and trustworthy place to visit has been significantly enhanced.”
NickRoche,Associate, JLL Hotels & Hospitality Group said,“Dunk Island attracted significant interest from a broad range of capital sources, both domestic and international, despite the uncertainty around the COVID-19 environment. This deal is a clear demonstration of the capital depth in the Australian hotel and resort market, and we anticipate our appeal as an investment destination will only increase as domestic travel continues to soar”.