Business as usual for Seashells Yallingup & Caves House

MEDIA RELEASE

Business as usual for Seashells Yallingup and Caves House

Seashells Hospitality Group, which operates Caves House Hotel and Seashells Yallingup as part of its award-winning Western Australian property group, will operate as usual during the sale of Caves House.

The historic hotel is on the market following Yallingup Ridge Pty Ltd, an entity established for the purpose of developing the Seashells Yallingup Resort and adjoining lands, was placed into the hands of the receivers late in 2009.

This appointment had no effect on the day-to-day trading of either Seashells Yallingup Resort or Caves House Pty Ltd. These properties are completely separate entities and they continue to trade as they have in the past.

Seashells Hospitality Group is not connected to the receivership of Yallingup Ridge Pty Ltd other than it manages Caves House and this will continue until such time as a purchaser is confirmed.

The sale has come about as a result of the global financial crisis with banks stopping lending prior to the development of the additional stages.

Over the past six months, a consortium of investors has been assembled by Accommodation West working with CB Richard Ellis. This consortium has purchased all unsold Seashells Yallingup apartments and placed them in the letting pool with Seashells.

This same consortium of owners is also seeking to extend their interest further by purchasing from the receivers the Caves House property and adjoining development land. This process involves the Receiver advertising the remaining properties, being Caves House and the adjoining development land, for sale by expression of interest.

Seashells manages and markets a range of 4 1/2 star AAA rated, apartment-style tourism accommodation in Yallingup, Mandurah, Scarborough and Broome.

Further information:
Gareth Thomas, Director of Operations, Seashells Hospitality Group, Ph 9245 3135
Janine Pittaway, Bright Communications, Ph 0418 911 796