Melbourne's wealthy Zagame family have put their Grand Hotel & Casino resort in Vanuatu up for sale with market expectations of around $25 million.
The family, whose investments span pubs, hotels, luxury cars, restaurants and property development, operate the hotel as part of their hospitality business, Zagame Corporation.
Built in 2003, the eight-level hotel overlooks the Port Vila Harbour and offers views towards Iririki Island. It features 15 gaming tables, 136 slot machines, a VIP top-floor gaming room, a restaurant, conference rooms, four bars, a pool and spa.
According to a report in the Financial Review, the family's involvement in Vanuatu dates back to 2001 when they were part of consortium of Victorian hoteliers which purchased the private island resort of Iririki.
Selling agents Rob Cross and Andrew Jackson from CBRE Hotels said the Zagame Corporation were selling the hotel and casino complex to focus on their extensive pub and accommodation interests in Australia.
"We're expecting considerable interest, predominantly from Australian and New Zealand investors," Mr Cross said.
"The campaign provides an opportunity to acquire the best hotel and casino in Vanuatu, which is currently owner operated but is being offered with vacant possession.
"While the hotel and casino has enjoyed trading growth in recent years, the introduction of a professional management company with a strong brand reputation could lead to further trading upside."
Patriarch Victor Zagame established the family's hospitality business in 1971 with the opening of the Albion Charles Hotel in Northcote in Melbourne's north east.
Now run by his sons Bobby and Victor Jnr, Zagame Corporation spans five hotel venues in Victoria, a number of restaurants including Spice Market adjacent to the Grand Hyatt Melbourne as well as the Downtowner on Lygon hotel in Carlton on the CBD fringe.
The Zagame Group, which owns and operates of luxury car group Zagame Automotive, picked up Fairfax Media's Victorian print site in Tullamarine for $16 million in 2015.