Broadreach Secures Aussie Resort Hotel for $48M

CAIRNS, AUSTRALIA-Living up to its name and a strategy to invest in hospitality product globally, Broadreach Capital Partners has acquired a luxury hotel and development site on the edge of the Great Barrier Reef. Purchased for $48 million, the Ocean Resort Cairns features 314 rooms and suites, a spacious courtyard, lagoon swimming pool and private beach.

“We’re very excited,” Broadreach director Heather Castellari tells GlobeSt.com. “We think this is going to be a great investment for us, and we are happy to be established in the Australian market.” The country offers opportunities to invest in business and leisure hotels, she says, but the latter traveler is the focus for Ocean Resort Cairns, which accommodates adventurers drawn by the renowned reef and two main waterways, the Coral Sea and the Pacific Ocean. The Ocean Resort Cairns also serves people destined for tropical rain forests such as the Daintree National Park, and other venues such as Cooktown and the Cape York Peninsula.

“We expect to benefit from continued, growing demand for Pacific Rim travel,” explains Castellari, who is charged with finding hospitality deals there and through the west coast of the US. Castellari joined Broadreach last year as part of a team added from Maritz, Wolff & Co., an LA-based operation that had assembled about a dozen hotels for a separate fund.