Valad selling off Noosa Sheraton property
Valad Property Group has announced it is selling its Sheraton Noosa Resort & Spa property, stating that after reviewing the property, it was decided it did not fit Valad’s core business and that the capital could be better used elsewhere.
Valad gained full control of the property last month from its joint venture partner, Ashington, after a legal dispute about the ongoing operation and management of the property.
The group stated the decision to sell was in line with its “strategy to restore value to security holders, strengthen the group’s capital position and provide a sustainable platform for the business”.
The property, which is the only five-star resort in Noosa, was purchased in 2007 for $93.6 million in a deal financed by Suncorp.
Valad is also at the centre of a management buyout of its European business, led by incumbent chief executive Peter Hurley.
Hurley is currently on leave due to his involvement in the takeover proposal, while Clem Salwin has been appointed acting chief executive of the group.
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