Westralia sells Dunsborough Broadwater for around $12.3m

US-based Wyndham Vacation Resorts Asia Pacific has acquired the Broadwater Resort & Spa, Dunsborough, for a price in line with the site's $12.3 million book value, vendor West Perth-based Westralia Property Trust Ltd has announced.

The Dunsborough acquisition represents the second Western Australian acquisition by the subsidiary of Wyndham Worldwide Corporation, after the company acquired West Perth's Outram Hotel for $6 million earlier this year.

Westralia announced plans to divest its tourism holdings in favour of agricultural land development earlier this year with plans to buy land from its 49-per-cent-shareholder Futuris Corporation Ltd as it exits its current tourism portfolio.

The full text of a Westralia announcement is pasted below

As previously advised to Unitholders, the remaining tourism assets in which the Westralia Property Trust (the Trust) has an interest, namely the Dunsborough Hotel Property Syndicate, the Pagoda Hotel Property Syndicate and the Pagoda Hotel Fixed Term Property Syndicate, have been placed on the market for sale. These assets have previously been written down to the anticipated market price.

An unconditional contract for the sale of the Broadwater Resort & Spa, Dunsborough (the Resort) owned by the Dunsborough Hotel Property Syndicate (the Dunsborough Syndicate) has now been executed.

The purchaser of the Resort is Wyndham Vacation Resorts Asia Pacific Pty Ltd which will operate the Resort following settlement on or about 26 November 2007.

The sale price is in line with the $12.35 million book value of the Resort reported in the Annual Report of the Trust for the financial year ended 30 June 2007. Proceeds will first be directed to repaying Dunsborough Syndicate funding and transaction costs, after which 51.15% of the balance will be distributed to the Trust.