Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CAIRNS, AUSTRALIA-Living up to its name and a strategy to invest in hospitality product globally, Broadreach Capital Partners has acquired a luxury hotel and development site on the edge of the Great Barrier Reef. Purchased for $48 million, the Ocean Resort Cairns features 314 rooms and suites, a spacious courtyard, lagoon swimming pool and private beach.

“We’re very excited,” Broadreach director Heather Castellari tells GlobeSt.com. “We think this is going to be a great investment for us, and we are happy to be established in the Australian market.” The country offers opportunities to invest in business and leisure hotels, she says, but the latter traveler is the focus for Ocean Resort Cairns, which accommodates adventurers drawn by the renowned reef and two main waterways, the Coral Sea and the Pacific Ocean. The Ocean Resort Cairns also serves people destined for tropical rain forests such as the Daintree National Park, and other venues such as Cooktown and the Cape York Peninsula.

“We expect to benefit from continued, growing demand for Pacific Rim travel,” explains Castellari, who is charged with finding hospitality deals there and through the west coast of the US. Castellari joined Broadreach last year as part of a team added from Maritz, Wolff & Co., an LA-based operation that had assembled about a dozen hotels for a separate fund.

Ocean Resort Cairns is being purchased on behalf of the BRCP Realty II LP, a $700-million closed end fund that aims to invest in variety of commercial real estate enterprises. Office, residential and industrial assets are being targeted in the western US, Broadreach’s traditional territory, whereas there are no geographic limits on the hospitality investments, says Castellari. The fund’s first hospitality related investment was a 329-room hotel in Carlsbad, CA, in December 2006. At that point, Fund II had completed 11 investments for $917 million.

Fund II has reportedly just secured another hotel in the northeast US. Being out of her purview, Castellari could not comment about the acquisition of that property, the 171-room North Maple Inn in Basking Ridge, NJ, or say what other markets Broadreach is eyeing for investment.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.