Coral Sea Resort has a new owner in Paul Darrouzet.
Coral Sea Resort has a new owner in Paul Darrouzet. Peter Carruthers

New owner for Coral Sea Resort

CORAL Sea Resort has a new owner.

Paul Darrouzet, owner of the multi award-winning Abell Point Marina, exchanged unconditional sale and purchase contracts for the iconic resort.

The purchase has been described as the next step in Darrouzet's plan to continue developing Abell Point as a leading international marina.

"Over the course of the past two years, the Whitsundays has faced a great deal of adversity," Mr Darrouzet said.

"However that said, we are all greatly confident in the future of the region and I have a sincere and deep interest and investment in the ongoing development of the Airlie Beach community.

"I am truly excited about this next phase on a number of levels, from our superyacht strategy to every aspect of our business, this acquisition makes sense."

The purchase price remains confidential, but when Coral Sea Resort was first placed on the market earlier this year, the industry price expectations sat at about $16 million.

Abell Point Marina over recent years has experienced a $30 million upgrade and now hosts 520 wet berths, berthing to accommodate vessels up to 80m in length and award-winning restaurants and venues.

With impeccably maintained grounds and a beautiful new 2.5 hectare garden opening in the new year, the marina already boasts a resort-like feel.

The addition of first-class boutique accommodation and an enticing array of facilities - including an award-winning oceanfront restaurant, a private dining seaside gazebo, cocktail lounge, fitness room, private jetty, 25 metre pool, wedding chapel, 200 seat function room, resort shop and tour desk - will contribute to the marina precinct becoming a premier mainland destination resort.

Greg Waites will continue as general manager of the Coral Sea Resort, working closely with Abell Point Marina general manager, Kate Purdie, who will oversee the integration of the resort into the marina precinct.

Ms Purdie said the resort was a natural addition to the marina precinct portfolio.

"Coral Sea Resort is a well-run, excellent asset, in arguably the best location in Australia," she said.

"We partner regularly on special events and the businesses already have great synergy.

"We're looking forward to offering our marina customers the same world-class service they have come to expect, along with a new array of resort benefits to accompany their berthing."

Mr Waites is delighted to work with Mr Darrouzet and the Abell Point Marina team.

"Paul's proven commitment to excellence in quality and value has been evident throughout the redevelopment of Abell Point Marina. I am confident that he is the right owner to take Coral Sea Resort into the future and further enhance the destination experience for our combined guests."

The integration between the Abell Point Marina and Coral Sea Resort teams will take place during the coming months.


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