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Iconic Cairns Coconut Holiday Resort to change hands in Australia’s largest single tourism park transaction

February 17, 2017 Hotel Developments No Comments Email Email

The Olholm family and Ingenia Communities Group (ASX : INA) today announced that the Cairns Coconut Holiday Resort had been sold with settlement scheduled to occur on 14 March 2017.

Cairns Coconut, which was recently ranked number 8 in TripAdvisor’s 2017 Travellers’ Choice Awards amongst the Top 25 Hotels in Australia, has been solely owned and developed by the Olholm family since 1984, transforming it from a cane paddock into the leading holiday park in Australia. Ingenia is acquiring the park for $50 million in the largest single holiday park transaction in Australia.

Geoff Olholm said that after over thirty years their vision for Cairns Coconut had been realised.

“While we have had many approaches in the past, key to our decision was finding a party which would continue to operate and develop the park working with our highly accomplished team. Ingenia has proven to be an excellent operator and has been very decisive and efficient to deal with, able to execute the deal quickly in a way that was not disruptive to the business.

“We are also delighted to accept Ingenia’s offer to exclusively consult for them over the next three years and bring some of the Coconut experience to their existing holiday parks in Queensland and NSW.”

“We look forward to seeing Ingenia continue the success and growth of Cairns Coconut,” Mr Olholm said.

Simon Owen, CEO of Ingenia Communities said Cairns Coconut would become the flagship asset for the Group’s rapidly growing Ingenia Holidays business.

“The Olholm family have done a tremendous job in creating the best tourism park in Australia which has been recognised through multiple awards. Ingenia is very excited to be acquiring Cairns Coconut, not only to continue to run and grow the existing operation but also to leverage some of the unique offerings and products to our other holiday communities.

“With opportunities to continue to grow identified, we look forward to working with the team on the ground to continue this tradition of excellence.”

With diverse accommodation in one of Australia’s leading holiday destinations Cairns Coconut appeals to both domestic and international tourists seeking access to the natural wonders including the Great Barrier Reef and Daintree Rainforest. Cairns Coconut provides a range of facilities including three swimming pools, water park, two jumping pillows, mini golf, camp kitchen, gym, outdoor cinema and tennis court.

The multi award winning 11 hectare park currently consists of 35 long-term residential homes, 118 cabins and 207 sites and was recognised in six separate categories in the 2017 Travellers’ Choice Awards by TripAdvisor. There is the opportunity to add a further 34 tourist cabins with development approval in place.

Jason Smith from Caravan Park Brokers Australia assisted with the transaction.

Cairns Coconut will increase Ingenia’s portfolio to 21 holiday parks located in NSW and Queensland with over 750,000 ‘room’ nights annually available across the portfolio.

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