Australia’s Zagame Corporation is putting its Grand Hotel & Casino resort in Vanuatu, an island nation located in the Pacific Ocean, up for sale. The company is expecting to earn an estimated $25 million for the resort, which is owned by the Zagame family, a group that dabbles in hospitality, pubs, luxury cars, property development, restaurants and more.
The eight-story, 74-room Grand Hotel & Casino was built in 2003, and overlooks Port Vila Harbour and Iririki Island. Apart from the aforementioned guestrooms, the property also has a restaurant, four bars, conference rooms, a pool, spa and a casino.
CBRE Hotels signed on to guide the property through the sale, which is expected to take place by May 30. Zagame is reportedly selling the resort in order to focus on more hospitality and restaurant developments in its local Australia.
“We’re expecting considerable interest, predominantly from Australian and New Zealand investors,” Rob Cross, national director, CBRE Hotels, Asia Pacific, said in a statement. “The campaign provides an opportunity to acquire the best hotel and casino in Vanuatu, which is currently owner operated but is being offered with vacant possession. While the hotel and casino has enjoyed trading growth in recent years, the introduction of a professional management company with a strong brand reputation could lead to further trading upside.”
Zagame Corporation has been pursuing an asset light strategy outside of Australia for some time, selling $145 million in hospitality properties (including three pubs for $75 million) over the past two years. The family currently owns five hotels in Victoria, Australia, and purchased the Poinciana Place Shopping Centre in Tewantin, Australia.