The Thai-based parent company of Oaks Hotels and Resorts has confirmed the acquisition of Cypress Lakes Resort with the construction of a new hotel and additional villas already being flagged.
Thai-based Minor International paid around $10 million for the Hunter Valley property with the deal expected to be completed on September 17.
The 125-villa resort, currently managed by Grand Mercure Apartments, will be rebranded as Oaks Cypress Lakes Resort.
While Oaks said it will initially focus on managing the existing villas, expansion of the resort will be explored.
The purchase includes approval for a 120-room hotel and two “development sites” but does not include the 18-hole championship golf course and club house.
“Oaks has not ruled out the possibility of developing the site further in the future with talks of a new hotel and additional villas,” the company said in a statement.
Oaks chief executive Brett Pointon described it as a “significant acquisition” as the company looks to expand globally and nationally.
“The iconic resort’s ideal location and existing accommodation and facilities present us with strong potential to attract a broad range of travellers across various markets and complements our existing portfolio of hotels and resorts perfectly,” he said.
The acquisition comes a week after Oaks opened its fourth Melbourne property. Hotels in Gladstone, Milton and China are also in the pipeline.
Oaks has 42 properties in Australia, New Zealand, Thailand and the United Arab Emirates.
