Blue Mountains. $20 million upgrade

The Fairmont Resort, at Leura, will benefit from a $20 million upgrade over the next 18 months after being sold by the Bankwest to Schwartz Hotels, the largest family-owned hotel company in Australia. Geoff York will stay on as general manager after rebuilding the resort’s reputation since Deloitte was appointed as administrators in February, after previous owner Brighten Pty Ltd was ruled in court to have defaulted on its loan by running the resort into the ground between 2007 and 2009. The Fairmont Resort is the tenth hotel owned by Schwartz Hotels, established by Dr Schwartz’s late father.