City Pacific Acquires Major Gold Coast Resort
3rd April, 2007
City Pacific Limited subsidiary Grande Pacific Limited today announced it has purchased the Greenmount Beach Resort at Coolangatta.
The resort was acquired, in a 50 per cent joint venture with Hallmount no.2 Pty Limited, from vendor Zion Investment Holdings Limited for an undisclosed sum
The iconic Greenmount Beach Resort, constructed in 1978, is located on the southern tip of the Gold Coast and overlooks Greenmount Beach and Rainbow Bay with uninterrupted views of the entire Gold Coast coastline.
The 10-level, three star resort contains 151 guest rooms.
Greenmount and nearby Tweed Heads forms the popular business and social hub of the southern Gold Coast with its array of restaurants, cafes, service clubs, all within a five minute drive to Gold Coast airport which is now undergoing a major expansion.
City Pacific CEO Phil Sullivan has described the natural headland site as a prime location in Queensland.
"It has understandably been a much sought after spot for some time," he said.
"The Greenmount Beach Resort will complement the Group's other hotels, including Paradise Resort and Gold Coast International in Surfers Paradise.
"As with all Grande Pacific acquisitions it is about location and timing and Greenmount will be of great value as we continue to grow this aspect of the business."
Hallmount director David Cherry said he is delighted with the purchase.
"It is undoubtably a blue-chip property and a jewel in the crown on arguably the best parcel of land at the Gold Coast's southern tip," he said.
"Although to date our focus has been on luxury retirement communities, we have every intention to continue running Greenmount as a resort in the foreseeable future."
