Capitalising on the booming regional tourism market, Jude and Graham Turner, of Flight Centre fame, have sold their Spicers Retreats brand in a $130m deal.
by valuing the entire portfolio at about $220 million, where Salters took six of ten properties, or 60 per cent of the assets. McVay Real Estate were the agents.
“We like regional Australia, and it’s not just a COVID phenomenon,” Mr Salter said. “The strong development of regional hotels has been going for at least five years now; COVID just opened everyone’s eyes more, and we will continue looking for unrepeatable properties in incredible locations.” At the beginning of the pandemic in autumn of 2020, tourism fell off a cliff around the world as airlines, airports and cruise ships ceased operation.Australia’s tourism operators had to rely on the domestic market through all of 2020 and virtually all of 2021. Even then, domestic travel was fraught due to rolling interstate border closures.
Mrs Turner founded Spicers in 2002 with the vision of creating all-inclusive retreats within a two-hour drive of Sydney or Brisbane, and with quality food and beverage options on site, plus a host of activities.After COVID-19 hit, average occupancy rates at her 10 properties soared from about 65 per cent to 85 per cent; rates range from $500 to $2500 a night, inclusive of most meals and drinks.Jude Turner in rainforest near Spicers Peak Lodge and Hidden Vale, in February 2020.
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