Tourism pays off

Tourism pays off

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Posted on: 21 September 2023

Tourism pays off

Company’s new resorts.

Andrew Potts

A Gold Coast-based property management company is set to expand its portfolio by acquiring two additional resorts in the city. This decision is driven by their strong occupancy rates and an enhanced financial performance.

Finexia, a specialist fund manager and operator of holiday apartments, manages hundreds of hotel rooms not only in the city but also in Noosa. Their notable properties include Bel Air on Broadbeach, Artique Resort Surfers Paradise, and Ocean Pacific Resort Broadbeach.

In a recent announcement, the company revealed its plans to provide its first-ever dividend to shareholders, marking its third consecutive year of profits. Neil Sheather, Finexia's executive chairman, emphasised the company's strategy to capitalise on the growing tourism trend in the Gold Coast. The acquisition of the new resorts will be facilitated through their management division, StayCo.

Sheather remarked, "This year has been transformative for Finexia. Delivering our inaugural dividend was a significant milestone, and we are confident in its sustainability for the foreseeable future. StayCo has notably influenced our revenue this year, with a primary focus on Broadbeach."

With the addition of the two resorts, Finexia's management will encompass over 600 rooms across the Gold Coast. The decision to expand was influenced by robust domestic and international visitation figures, stemming from the $6 billion industry.

Sheather further commented, "Our decision to expand is rooted in the positive momentum we see in tourism. We anticipate this favorable trend to persist in the medium to long term. While the rising cost of living has deterred many from international travel, southeast Queensland remains Australia's preferred tourism destination. We are optimistic about the future and foresee these dynamics remaining consistent."

Annual Report here

More on StayCo here

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