Accor Set To Rule Rafferty's

Newcastle Herald

Thursday May 29, 2008

By DAMON CRONSHAW

A MAJOR hotel chain is believed to be in pole position to buy the troubled Rafferty's Resort.

The Lake Macquarie tourist destination is in liquidation with debts totalling $35 million.

The property is being sold through agents CB Richard Ellis.

Sources close to the deal said Accor, whose brands include Mercure, Novotel and Ibis, was set to buy the resort.

CB Richard Ellis agent Paul Nyholt said a buyer was expected to be announced soon.

Mr Nyholt said he had received eight bids for the resort.

Accor previously struck a deal for the resort to use its Mercure brand, but that was terminated when the resort struck financial trouble.

#{title}