As PR agency for Gold Coast based accommodation provider, ULTIQA Hotels and Resorts, M10 has been devising and executing a national announcement of what is considered to be the largest management rights deal to date. Read on for all the details…
ULTIQA Hotels & Resorts has won the rights to the 256-apartment Gold Coast hi-rise project, Signature Broadbeach, signalling its intent for serious expansion.
This is the second management rights off-the-plan deal valued at over $10 million in Broadbeach within the past 12 months.
A significant addition to its portfolio, ULTIQA was awarded the management rights over twenty other local and international groups.
ULTIQA Hotels & Resorts CEO, Mark Henry, said the alignment of ULTIQA’s experience in the Australian and Gold Coast accommodation market with Melbourne-based Little Projects’ Signature development, exemplifies his company’s expansion plans within the Asia Pacific accommodation market.
“We’ve long been ready to grow our management portfolio across Australia and the AusPac region, and Signature by ULTIQA will be a key part of our portfolio moving forward,” said Mr Henry.
The deal saw ULTIQA secure a 25-year term agreement covering Signature’s maintenance, letting and real estate rights, bringing its property portfolio value to around $60M.
Little Projects Director, Leighton Pyke, said that ULTIQA’s experience in resort management both in Broadbeach and internationally was a critical part of the decision-making process in the appointment of the onsite manager for Signature.
‘’ULTIQA’s proven track record of delivering outstanding leisure experiences was a standout for us. We are confident that the appointment of ULTIQA will provide long-term value for all our Signature owner-occupiers and investors, and that all guests will appreciate the Signature lifestyle experience.’’
Residences at Signature are now selling and start at $469,000 for one-bedroom, $619,000 for two-bedroom and $1.74m for three-bedroom dwellings.
For further information visit: www.signaturebroadbeach.com.au
All media enquiries: Emma Bain | 0438 264 355 | emma@m10.com.au