Hotel Grand Central selling hotel in Surfers Paradise for A$80m

Singapore

HOTEL Grand Central (HGC) on Tuesday said it has inked a deal to sell Hotel Grand Chancellor Surfers Paradise hotel in Australia for A$80 million (S$79.7 million) to an unnamed third party buyer.

When contacted, a spokesman said the buyer had made a good offer, which was "hard to come by".

The hotel, situated in a highly competitive precinct, had also not been performing. It made only S$476,000 in net profit for the 12 months ended Dec 31, 2015.

"Surfers Paradise is a market which is turning around, which is why there are people willing to pay a good price for it. For us, we think it's a good way to recou…