THE Yadgalah Aboriginal Corporation and Indigenous Business Australia this week sold their joint 50 per cent partnership interest in the Monkey Mia resort to Aspen Parks Property Management Ltd for $9.5 million, giving Aspen Parks full ownership of the site. WA Business News understands that, in 2005, the Aboriginal and Torres Strait Islander Commission provided $3.2 million to the Yadgalah Aboriginal Corporation to enable it to take a 23 per cent share in the resort. Aspen Parks chief executive Lino Brolese said with total ownership the company would double the capacity of the resort to 1,200 beds. “We will redevelop the property with an emphasis on the family market and recreational resort facilities,” Mr Brolese said. IBA general manager Ron Morony said it was time IBA realised some profits. “We went into this venture with the Yadgalah Aboriginal Corporation to create commercial returns and employment opportunities,” he said. “When you invest in major capital infrastructure projects it takes a few years to realise a return. The Aboriginal partners in this venture decided to cash in while Aspen Parks was planning on developing the resort, so we were of the view that it was time to realise some profits.”
