THE Whitsundays can breathe a sigh of relief now Lindeman Island has finally been bought for the bargain price of $12 million.
New owner, Chinese company White Horse (Australia) Holdings Pty Limited's chairman William Han, said the company was reviewing its options for a revamp.
"White Horse is examining how to re-position Lindeman as an attractive tourist destination but the resort has been through some very challenging times," Mr Han said.
"We're looking at a range of options to reinvigorate the island but it will take some time to assess the best way to move forward."
CBRE Hotels agents Paul Nyholt and Wayne Bunz sold the island to White Horse.
"Interest in the asset came from a range of potential buyers, including a number of high net worth individuals as well as various Australian investors looking to syndicate the acquisition," Mr Nyholt said.
Tourism Whitsundays chief executive officer Peter O'Reilly said the resort had been on Club Med's portfolio for 20 years before they closed it on January 31.
"There's no hiding the fact it's in a bad need of a refurbishment and I think that was reflected in the sale price," Mr O'Reilly said. "I think their (Club Med's) exit was more to do with their brand positioning and the island not being a good fit. "
Negotiations also were under way for resorts on Long Island, Mr O'Reilly said.
"It will only be a matter of time before we hear some announcements about Palm Bay and Paradise Bay, which are more boutique properties," he said.
Update your news preferences and get the latest news delivered to your inbox.