White Horse Australia acquires iconic Lindeman Island Resort

​Brisbane, 24 April 2012 - CBRE Hotels have announced the sale of Lindeman Island - one of Australia’s most iconic Whitsunday Islands - to White Horse (Australia) Holdings Pty Limited.

Paul Nyholt and Wayne Bunz of CBRE Hotels negotiated the sale.

White Horse (Australia) Holdings Chairman William Han said that the company was excited about the prospects for Lindeman and would work hard to bring the island back to life as one of Australia’s premier tourist destinations.

“Lindeman Island is an iconic Australian tourist destination, located in one of the most beautiful parts of the world and we are delighted to be the new owners,” Mr Han said.

"White Horse is now examining how to re-position Lindeman as an attractive tourist destination but the resort has been through some very challenging times,” said Mr Han. “We are looking closely at a range of options to reinvigorate the island but it will take some time to assess the best way to move forward."

Mr Han said it was the Group’s intention was that the Lindeman development would be run by a professional resort management company.

“We are committed to resort developments that are in harmony with the natural landscape, with high environmental values,” Mr Han added.

Strong interest was generated in the Lindeman Island opportunity, since the announcement in late last year by Club Med.

Mr Nyholt said the sale was the result of a very successful sale process with over 200 enquiries received for the island asset.

“Interest in the asset came from a range of potential buyers, including a number of high net worth individuals as well as various Australian investors looking to syndicate the acquisition,” Mr Nyholt said.

This sale signifies the first Queensland island asset to be acquired by an entity with direct links to the Chinese market.

Mr Han is an Australian citizen who owns 100% of White Horse Australia, which has strong ties to the White Horse Group, one of China’s best known advertising and media companies.

Mr Bunz Senior Director for CBRE Hotels said that the sale represented a fantastic outcome for the Queensland tourism industry and would also be a boost for stakeholders in the region, who would benefit from the revitalisation of Lindeman Island.

“This sale follows on from the successful marketing of the Cradle Mountain Lodge which was acquired by Bill Moss, the Treetop Resort and Spa which was acquired by Wyndham Vacation Club as well as the sale Bedarra Island and Dunk Island all negotiated by CBRE Hotels.”

“Opportunistic investors are definitely emerging to take advantage of some excellent buying opportunities in line with the new Queensland Government’s agenda to reinstate Queensland as Australia’s leading tourism destination,” Mr Bunz said.

Lindeman is a 584 hectare leasehold island which is located on the Great Barrier Reef approximately 40 minutes by air from Cairns International Airport.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue).  The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.