Lifestyle Resorts Australia spins its financial woes

Lifestyle Resorts Australia Pty Ltd - the Queensland-based company that owns the Oyster Cove Resort and whose approach to development has over the years caused a great deal of annoyance to homeowners in adjacent residential development in Yamba - has gone into receivership recently.

In 2010 this resort was also the subject of tenant dissatisfaction with regards to maintenance and safety issues.

According to The Daily Examiner on 7 July 2011:

Residents received letters this week from the parent company, Lifestyle Resorts, saying the senior living complex had been placed in the hands of receivers.
Lifestyle Resorts chief executive officer Sally Morrison said yesterday trading conditions were difficult, as they were for many companies around the world, but the aim was to try to trade out of financial trouble.
She said she wanted to assure residents their tenancies would continue as normal.
"A change of ownership does not affect the rights of tenants," she said.
"The important thing for residents to realise is that, for them, things will not change.
"People can become concerned when this sort of thing happens, but they have no reason to be."
She said a decision was made last week to appoint receivers Deloitte following meetings with the company's bankers.
Lifestyle Resorts has 186 occupied properties at Oyster Cove and has operated the complex for the past eight years.
Residents own their dwellings, but have a long-term tradeable lease over the land.
It has similar resorts on the Gold Coast and in Rockhampton. The Rockhampton facility, which has 140 properties, 119 of which are still available, is undergoing expansion.
In a letter to residents, director, Bob Morrison, said it was business as usual as per the terms of the site agreement.
"The receivership is to allow Lifestyle Resorts to continue to operate and ensure a continuity of service to you as a resident," he said. "All facility maintenance services will continue as normal with the same staff attending to your community."

Rather oddly, as of 8 July this was not news the company appeared willing to share with readers of its promotional website where it seems all is rosy in the garden still.

However the website is careful to make this claim:

Lifestyle Resorts Australia Pty Ltd makes no representations about the accuracy or suitability of the information or links provided on its web pages. Without limitation, this extends to any market research or commentary contained in this website.

It wasn’t that many years ago that Lifestyle Resorts Australia was telling the world that; The company has sold residential product totaling $70 million across six resorts, from northern NSW to central Queensland.

Apparently its white shoes are now sadly scuffed and down at heel these days.