Conditions in Australia’s struggling tourism sector continue to worsen, with three more resorts placed in receivership yesterday.
The collapsed resorts are the three-star Nestle Inn Tourist Village in Queensland, and two four-star, eco-friendly resorts in New South Wales- the Murramarang Resort at South Durras and the Myall Shores Resort at Myall Lakes.
The resorts were controlled by Mariner Coastal Investment Fund and Mariner Leisure Management, both of which are linked to the struggling Mariner Financial Group headed by entrepreneur Bill Ireland.
The companies were placed in the hands of Paul Billingham and Said Jahani of Grant Thornton.
Ireland told investors last month that the Coastal Investment Fund had breached loan covenants on a $31 million loan due to falling property values and poor trading conditions.
The receivers say the resorts are likely to keep trading until the market for commercial property assets improves. All staff should retain their jobs.
Related stories:
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
Comments