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ASX-listed hotel group Oaks Hotel and Resorts (ASX:OAK) has won the management rights in the $150 million Mon Komo development at Redcliffe.
The 184 mixed-use apartment project will be rebranded Oaks Mon Komo with the Sunshine Coast-based hotelier to manage 76 short stay resort-style rooms. The remaining 108 residential apartments in the 6414sqm property are priced from $377,000 to $1.65 million.
Oaks Hotels and Resorts manages 38 apartment buildings across Australia, New Zealand and the United Arab Emirates. Last financial year the group recorded $124 million in annual revenue and a NPAT of just under $4 million.
CEO Brett Pointon (pictured) expects demand for rooms to be strong.
“Redcliffe is a popular tourist destination, fast establishing itself as a favourite location for local and interstate holidaymakers who value a beachside lifestyle so close to the city,” he says.
“Much of the interest and growth in Redcliffe has come as a result of recent major infrastructure upgrades and a growing population of around 50,000 people.
“Redcliffe is one of Brisbane’s fastest growing centres but up until now accommodation options have been limited and are stretched to capacity to accommodate the growing traveller demand.
“When you look at other developments in the region, together with future growth projection it is obvious that there is a demand for higher end accommodation in Redcliffe.”
Developer Kyko Group says construction will be completed by the end of February with the first round of settlements in March.
Kyko director Bill Jenkings, says the company welcomes the appointment of ‘a solid Australian publicly-listed company’.
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