Administration firm Grant Thornton has been appointed to The Ralan Group – which oversees Paradise Resort on the Gold Coast and and the newly-opened Ruby Apartments on the Gold Coast – after the firm declared itself insolvent.
In a statement to HM, administrators Said Jahani, Phil Campbell-Wilson and Graham Killer said an urgent financial assessment of the company was now underway. Initial creditor meetings are expected to be held soon to discuss the company’s debt situation, understood to be in the region of around $500 million.
The Ralan Group is a development, marketing and management firm of both commercial and residential property on the Gold Coast and in Sydney.
In addition to Paradise Resort and The Ruby Apartments, administrators stress it is still business as usual, with all forward bookings being honoured and future accommodation bookings continuing to be accepted as per normal.
“I would like to re-iterate that our guests have NOT and will NOT be affected and we are continuing to welcome guests and take ongoing reservations throughout 2020 and beyond,” a spokesperson for The Ruby Apartments said.
Paradise Resort Gold Coast has been a staple among the Glitter Strip’s accommodation landscape for nearly four decades. A major redevelopment over the last few years has seen The Ruby Apartments – the first of four giant high-rise towers comprising mixed-use serviced apartments and residential accommodation – constructed on an adjacent vacant lot.
The first of the four towers in the Ruby Apartments complex opened in November 2018. Administrators say they expect no material impact for residents in Tower One, which has been completed. No construction work has taken place so far on the remaining three towers.