Zagame Corporation lists Vanuatu hotel and casino complex

Melbourne’s Zagame Corporation is looking to cash in the chips on its Vanuatu-based Grand Hotel & Casino at Port Vila.

Situated 10km from the airport at the heart of Port Vila’s business and entertainment precinct, the eight-level waterfront hotel offers a variety of income streams from its casino, accommodation and food & beverage facilities.

Rob Cross and Andrew Jackson of CBRE Hotels have been appointed to steer the sales campaign, which closes 30 May 2017.

Cross explained that long time owners Zagame Corporation were selling the hotel and casino complex to focus on their extensive pub and accommodation interests in Australia.

“We’re expecting considerable interest, predominantly from Australian and New Zealand investors,” Cross said.

“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.”

Constructed in 2003, the four-star hotel overlooks Port Vila Harbour and offers views towards Iririki Island. The casino features 15 gaming tables and 136 slot machine, with a VIP top floor gaming room.

The hotel also contains a restaurant, conference rooms, four bars and pool and spa facilities.

Jackson added that investors were increasingly targeting leisure-oriented investment opportunities, given the tightly held nature of Australia’s CBD hotel markets.

“In the case of the Grand Hotel & Casino, the property is poised to benefit from the Vanuatu Tourism and Infrastructure Project, which is funded by the New Zealand Aid Program,” Jackson noted.

“The project will concentrate on the rehabilitation of Port Vila’s seafront and the main wharf areas, providing a central pier observation platform, sea steps, a water taxi jetty, seawall promenade and walkways, markets buildings and playgrounds.”