In what is likely one of the largest accommodation management rights deals in Australia, 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 and is a significant addition to the UTLIQA portfolio, who was awarded the 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 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.
Mr Henry believes the architecturally designed building’s quality of amenity delivers a curated offering that harmonises with ULTIQA’s brand proposition and management ethos.
“With three other properties in our portfolio in Broadbeach we understand that Signature will deliver a new level of holiday experience for visitors and that it will set itself apart from competitors when it opens its doors.”
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.’’
Mr Henry said a deal of this magnitude has only whetted the appetite for additional expansion opportunities in the near future.
“The awarding of the Signature property rights deal is an affirmation of our level of service delivery and our reputation with holidaymakers in the market.”
“We have readied ourselves to build on our reputation and with a significant war chest to grow our property management portfolio in a measured way.”
“The team and I are surveying key tourism markets across the country and in neighbouring surrounds – it’s about timing and opportunity and we are ready to break open the war chest and expand the ULTIQA brand and holdings.”
“As far as our strategic plans are concerned, Signature is a fantastic boon to our portfolio, and it is just the beginning.”
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