Hayman Island, one of the more famous islands on the Great Barrier Reef, is to undergo a multimillion dollar facelift together with a change in management.
Owner Mulpha Australia, which is developing a series of private residences on the island, has entered into an agreement with Kerzner International Holdings, to assume management of the luxury island resort.
Hayman will undergo a $40 million renovation and be relaunched as One&Only Hayman Island in April next year - One&Only's first resort in Australia. Mulpha continues to maintain full ownership of the island.
Tourism & Transport Forum chief executive Ken Morrison said the agreement represented a significant investment in quality product at the top end of the tourism market.
"Australian tourism operators are increasingly seeking out high-yield visitors and this investment will position Hayman as a world-class luxury destination for people seeking unique and exclusive experiences," Mr Morrison said.
Mulpha Australia executive chairman Seng Huang Lee said the refurbishment combined with One&Only's commitment to a high level of service would "redefine resort luxury in Australia".
Hayman renovation targets top end
Hayman Island, one of the more famous islands on the Great Barrier Reef, is to undergo a multimillion dollar facelift together with a change in management.
InvestSMART FORUM: Come and meet the team
We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.
Want access to our latest research and new buy ideas?
Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.
Sign up for free