Former Macquarie Group executive director Bill Moss heads Cradle Mountain Lodge buying syndicate
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Former head of Macquarie Group’s real estate and banking Bill Moss has bought Tasmania’s Cradle Mountain Lodge with a group of investors, amid a struggling tourism sector.
Moss Capital bought the property for $25 million through CBRE. It previously traded for $21 million in 2009.
Moss advocates investing in the tourism sector, which is struggling due to high Australian dollar, low patronage and cheap flights.
“If we become interested we like to think we can increase the future value,” Moss says.
“You will hear about us buying more tourism assets.”
The lodge was developed 25 years ago. The property borders the World Heritage-listed Cradle Mountain and Lake St Clair National Park.
Tasmania had 450,000 holiday arrivals in 2007-08 but this has dropped to fewer than 375,000 visitors according to Tourism Industry Council of Tasmania chief executive Luke Martin.
“There’s been a real softening. We are no different to any other tourism destination in the country, which is a reflection of the high Australian dollar, unprecedented low international airfares and the enormous incentives for Australians to travel overseas,” he told The Financial Review.
Across Australia occupancy rates and average room rate have improved slightly over the last two years, with revenue per available room expected to grow 6% this year, according to Deloitte research.
Moss says he will continue to buy hotels and resorts.
“[I have] private families interested in buying iconic assets.”
The previous owners purchased the lodge in July 2009 for $21 million.
The lodge was opened in 1971 by four Tasmanians after they bought 324 hectares of property on the border of the national park.
In 1984 the lodge was bought by Simon and Anne Currant, who refurbished the property. P&O bought the property in 1988 and did further works before passing it on to Voyages Hotels and Resorts, which sold it on in 2009.