Brisbane, 20 June, 2002 - Contracts have been exchanged for the sale of the 189 room Courtyard by Marriott Hotel, Palm Cove, Queensland. The hotel was sold for A$16 million in a deal brokered by Mike Batchelor, Executive Vice President of Jones Lang LaSalle Hotels.

Sold with vacant possession, the property was purchased by the Horbelt family, an Adelaide based property investment group. The new owners are considering their options with regard to the future management of the hotel. They are expected to make their decision by the time of settlement, in 45 days.

Thakral Holdings Group purchased the 4 star hotel and an adjoining development site for approximately A$21 million in January 2000 in a deal also brokered by Jones Lang LaSalle Hotels.

Thakral Holdings has retained the vacant site to for the development of a resort style serviced apartment complex which will feature 110 apartments, six villas, a lagoon pool and a restaurant.

Located 26 kilometres from Cairns, the Courtyard by Marriott Hotel, Palm Cove has 189 guestrooms, a restaurant, conference and recreational facilities.

Following a fairly difficult trading period post September 11 sand the collapse of Ansett, Mr Batchelor said there was renewed interest in the North Queensland region from investors seeing capital growth opportunities. The region`s hotel market is set to reap the rewards of increased international access in late October when Cairns will become the hub of operations for the new Australian Airlines services. The new airline will provide a direct link between Cairns and the important inbound markets of Japan, Hong Kong, Singapore and Taiwan.

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