10 Oct 2023
Words
Resort News
ResortBrokers Lunch & Learn
The second Lunch & Learn event of 2023 saw another packed house listening to management rights experts discuss hot-button issues affecting operators on the Sunshine Coast.
Hosted by ResortBrokers’ local team, Glenn Millar and Chenoa Daniel, the September 12 event, held at The Dock Mooloolaba, attracted over 40 resident managers.
They were there to hear from the series’ regular panel of industry specialists, as well as special guest Lachlan Hoswell, Managing Director of Radisson Hotels Australasia.
Hoswell, a hotel industry veteran of 20 years who specialises in acquisitions, piqued management rights operators’ interest with his discussion about franchise opportunities within Radisson’s future growth plans.
The gathering then heard from the series’ regular panelists, Paul Grant (Mike Phipps Finance), Trent Pevy (Pevy Lawyers), Tony Rossiter (Holmans), and Jordan Hayes (JLL), whose firms co-sponsored the event with ResortBrokers.
Trent Pevy spoke about transaction timeframes, assignment expectations, body corporate lawyers and their impact on body corporate commi!ee thinking, as well as top-up success rates and being proactive as an operator.
Jordan Hayes covered value methodology of managers’ units, particularly at the premium end of the market, the impact of not achieving top-ups on the value of the business, and the state of multipliers in the current market.
Paul Grant advised on general lender appetites and the length of finance applications, while Tony Rossiter spoke about claw forwards and clawbacks, and ensuring schedules of charges are correct and up to date. He highlighted a recent court case where an operator was prosecuted for charging owners without authority.
The forum then opened up to questions and general discussion, with contributions made by Brett Thompson from Landmark Resort & Spa at Mooloolaba and Ryan Rae from Noosa Blue Resort. They discussed the Sunshine Coast Council’s recent rate hikes on owners who have their units in short-term letting.
