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20-10-2015, 07:53 PM
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Minor Group - the co that holds a stake in Breadtalk?
- Oct 20 2015 at 5:54 PM
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[img=620x0]http://www.afr.com/content/dam/images/g/k/d/i/7/9/image.related.afrArticleLead.620x350.gkdjt8.png/1445330829374.jpg[/img]Cypress Lakes Resort sits on a 100-hectare site that could sustain further development with approvals in place for a 120-room hotel and 225 apartments on unused land. Supplied
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by Larry Schlesinger
Thai hotel group Minor International has this week completed its $10 million acquisition of the Cypress Lakes Resort in the Hunter Valley from Singapore's Lasseters International, after exercising a call option over the golf course and two parcels of development land.
Minor International, through its Australian business Oaks Hotels and Resorts, entered into a put and call option agreement with Lasseters in 2013 to acquire the resort, including the leaseholds of its 146 strata-titled villas, after paying a $700,000 deposit and agreeing to pay nominal rent of $1 a year.
A put and call option is often used by buyers of development projects, allowing them to delay the payment of stamp duty. For sellers it has the certainty of a sales contract.
The prized resort, nestled in Hunter Valley wine country and about a two-hour drive from Sydney, sits on a 100-hectare site that could sustain further development with approvals in place for a 120-room hotel and 225 apartments on unused land.
Lasseters, operators of the Lasseters casino and resort in Alice Springs, had originally sought to sell Cypress Lakes and a series of Golden Door Health Retreats for about $30 million in 2013. Lasseters said it would make a $500,000 loss against the book value of Cypress Lakes.
Minor International operates 45 hotels and resorts in Australia, New Zealand, the United Arab Emirates and Thailand under the Oaks brand. It also owns The Coffee Club chain of cafes and Ribs and Rumps steakhouses.
In July, Oaks Hotels & Resorts, acquired the 301-room Elan Soho Suites in Darwin for $57.1 million, rebranding it as Oaks Elan Darwin.