One of Australia's newest luxury accommodation brands has expanded into the tourist sector with the purchase of management rights to the Oaks Lagoon in Port Douglas.

Silkari, a brand created by developer Visionary, has taken over the high-end apartment complex - which was previously managed by Minor Hotel Group - and will rename the property Silkari Lagoons.

The deal was completed by Glenn Millar and Chenoa Daniel of ResortBrokers for an undisclosed sum.

Designed for couples and families, the property has 175 luxury apartments set in a tropical complex around six lagoon-style pools.

Mr Millar said Silkari had the opportunity to capitalise on a great mix of international holiday visitors and corporate guests.

“This is one of the most impressive large resort properties in far North Queensland and we knew there would be strong interest from experienced operators especially as it was in the Oaks Hotels and Resorts portfolio,” he said.

“It’s an exceptional business."

Situated 50 minutes north of Cairns International Airport, Silkari Lagoons has a wide range of accommodation options, many with direct pool access from guest rooms.

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Source: ResortBrokers

The Port Douglas property becomes Silkari’s third accommodation asset, joining the 212-apartment Silkari Suites at Chatswood and Silkwood by Silkari and a 219-apartment and 37-townhouse complex in Pagewood in Sydney's eastern suburbs.

Visionary's Director of Hotels, Markus Sigmann, said although Port Douglas had been a quieter of late, the company still considered it a worthwhile investment.

“We believe the upturn is not far away – maybe six months or so,” he said.

“I really believe this investment is a great addition to our current properties and it fits perfectly with our strategy of concentrating on management rights businesses in CBD areas on the east coast and quality tourism areas."

The Whitsundays and Sunshine Coast are high on Visionary’s preferred tourism areas along with Port Douglas, Mr Sigmann said.

The Lagoons deal follows on from last month’s sale of management rights to another high end Port Douglas property, the Peninsula Boutique Hotel.

In recent years, Visionary has walked away from at least two major development plans in the Sydney CBD and on the NSW south coast near Wollongong because of government and regulatory “red tape”.

It sold its $130 million corner block at 110-118 Bathurst Street and 203 Castlereagh Street, which was to be a residential complex, along with halting development of its Avondale resort and spa with a Greg Norman-designed golf course.

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