Projects - Asset Restructuring

Forest Resort Group

Management and restructure of distressed hospitality assets


  • Tourism and Hospitality
  • Novotel Forest Resort, Creswick, VIC
  • Managing Controller for financier
  • Senior debt ($80m)


  • Accor operated 144 strata room hotel, 18-hole PGA championship golf course, 25 residential lots (+105 lot subdivision) and waste water treatment plant (WWTP)
  • Home of the Victorian PGA
  • Hotel trading at 50% occupancy (golf not viable) and AU$1m+ consolidated loss pa
  • Body corporates of land owners and room owners dysfunctional
  • 53 rooms sold to 3rd party investors, with returns well below expectations.
  • Underutilisation of conference rooms
  • Dispute with water authority regarding WWTP
  • Four prior receivers failed to sell over six years, through various public campaigns
  • Various planning issues


  • Closed WWTP to minimise loss
  • Completed critical capital improvements
  • Achieved working relationships with land and room owners body corporates
  • Relaunched resort golf membership program
  • Improved hotel trading through intensive management of Accor


  • Identified off-market buyer at a 40% premium to valuation within 18 months

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