Troubled Port Hinchinbrook resort acquired by new owners

The Port Hinchinbrook Resort in Far North Queensland has been sold to The Passage Holdings, an Australian-based company with links to the United States.

The multi-million-dollar marina, on the southern edge of Cardwell, contains dozens of seaside homes, a resort and other amenities, but has been struggling since it was devasted five years ago by Cyclone Yasi.

The resort took a direct hit from Cyclone Yasi in January 2011, sending yachts crashing into each other and being swamped with mud, rendering the marina berths almost useless.

The port was developed by Williams Corporation in the 1990s at the behest of renowned Queensland tourism developer Keith Williams, who died in October 2011. Williams batted with environmentalists to develop the resort over fears it would impact on local dugong populations.

After coming under financial pressure over maintenance of the resort, Port Hinchinbrook was eventually placed into the hands of liquidator FTI Consulting in 2013.

The new owners reportedly plan to invest $450 million in a 10-year staged program to develop 600 extra homes, an expandeded new marina and family resort.

Owners Lewis Cohen and Stephan Pinto already have spent $4 million on improvements having taken possession of the resort and marina property last year.

This week they have settled on the purchase of the resort for a sume believed to be in the region of $3 million.

Cassowary Coast Mayor John Kremastos said the sale would boost business confidence in the region, telling the ABC “this is much welcomed news and will go towards improving and stimulating our area.

"They're looking at maintaining the sewage treatment plant, upgrading the restaurant facilities and also dredging the marina and the canal as well."

Cassowary Coast Council has been informed that under the new owners the port will be renamed Hinchinbrook Harbour.

Image courtesy of The Passage Holdings.

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