A second receivers’ report released last week says the Carlin Hotel, a lavish six-star, seven-storey boutique property built for about $30million in 2022, continues to operate after the sale.
All company employees had accepted offers of employment by the new owners, the report said.
Carlin Hotel Property Management Ltd, the management company operating the hotel, and Queenstown Views Villas Ltd, which owned six of the hotel’s nine units subject to a management agreement with the former, were both placed into receivership in February after the sudden death of property developer and hospitality expert Kevin Carlin in December.
Their combined debt at the time was about $45m, and about $40m of that was owed to secured creditor Pablo (Aust) Pty Ltd — which held security over the land, buildings and business for the companies, and also owned the other three units.
The receivers’ second reports for both companies were released last week, which said the combined debt to Pablo had dropped to $29.5m.
The second report into Carlin Hotel Property Management Ltd said after undertaking an independent marketing and sales campaign, the business and assets owned by it, Queenstown Views Villas Ltd and TCHL Ltd — which held the intellectual property for the Carlin Hotel — had been sold to Pablo.
Settlement was completed on October 14.
Details about the transaction were not included in the report, which only covered the six months to August 25.
The reports said total claims for both companies of $4.5m had been received from unsecured creditors.
However, the reports noted it was “unlikely that there will be any funds available” for unsecured creditors.
