Turners sell off a big share of the Spicers “labour of love”

Graham and Jude Turner have sold a big chunk of the successful Spicers Retreats business to fund manager Salter Brothers.

Dec 21, 2022, updated Dec 21, 2022
Jude and Graham "Skroo'' Turner at the Peak Lodge resort

Jude and Graham "Skroo'' Turner at the Peak Lodge resort

A price for the business was not revealed but some media reports suggested a deal of $130 million.

Negotiations had been going on since the middle of the year with suggestions of a price anywhere between $50 million and $150 million.

The business, which included luxury resorts in NSW and Queensland was run by Jude Turner.

Under the deal, Salter Brothers bought the Spicers Clovelly Estate (Montville), the Tamarind Retreat (Maleny) and Peak Lodge (Maryvale) in Queensland. In NSW, they picked up the Spicers Guesthouse and Spicers Vineyards Estate and in the Hunter Valley and the Sangoma Retreat in the Blue Mountains.

The Spicers Potts Point, Balfour (New Farm), Hidden Vale and Scenic Rim Trail would also be managed by Salter Brothers but remain under the ownership of the Turners. The Spicers Tower Lodge, owned by the Hope Family, would also come under the same management.

The deal means Salter Brothers will gain 127 rooms within a two-hour drive of either Sydney or Brisbane.

Also included in the acquisition was Private Collection business, however the First Point, Noosa property that was rented at $3000 a night would stay under the ownership of the Turners as does their Belongil Beach property.

All properties under Private Collection by Spicers are privately owned.

Salter Brothers managing director Paul Salter said it was an exciting acquisition and a great fit for his company, which is a fund management business with $2.6 billion in assets. Its hotel platform was started in 2015 and hold assets in the US and Australia. It now has almost 4500 rooms and 19 hotels.

“The Spicers Retreat brand is well established and we are proud to continue Jude Turner’s vision for personalised related luxury experiences,” Salter said.

Jude Turner said the Spicers business had been a labour of love for her and everyone involved for 20 years.

“I’m pleased to see it going into the hands of someone equally passionate about Australian experiential stays,” she said.

The deal is expected to be finalised in 2023.





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