NRMA purchases Tasmania’s Freycinet Lodge and Cradle Mountain Hotel

NSW motoring organisation the NRMA has announced its acquisition of Freycinet Lodge and Cradle Mountain Hotel, along with Gordon River Cruises, from the Royal Automobile Club of Tasmania (RACT).

The $130 million purchase of the high-profile Tasmanian tourism properties, reflects the NRMA’s confidence in the market and adds the new acquisitions to the NRMA’s $800 million portfolio of tourism assets comprising a national network of holiday parks and a 46% stake in the Cairns-based Coral Expeditions cruise line.

According to a report in the Australian Financial Review, the acquisitions will become part of a new division, NRMA Expeditions, which will be led by NRMA Chief Investment Officer Rachel Wiseman.

Adelaide newspaper The Advertiser suggest that a significant portion of the NRMA’s investment will be devoted to the upgrade and renovation of Freycinet Lodge, Cradle Mountain Hotel and Strahan Village.

The deal positions the NRMA as one of Australia’s largest transport and tourism operators, with Wiseman understood to be looking at growing its investment in the tourism sector through acquisitions and partnerships.

Commenting on the acquisition, Wiseman stated “international travel will likely be a way off for Australians and we believe domestic tourism will play a critical role in driving Australia’s post-COVID economic recovery. Tasmania, with its unique natural assets and sophisticated food and cultural offerings, will be central to this.

“NRMA Expeditions will focus on delivering five-star experiences in natural environments and this is exactly what the RACT acquisition will deliver.”

Image: Freycinet Lodge, Freycinet National Park, Tasmania.