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Singaporean family puts Crowne Plaza Surfers Paradise resort on sale for over A$100m
TOURISM complex Crowne Plaza Surfers Paradise in Australia has been put on the market by its owners - a Singaporean family - for more than A$100 million, said marketing agent CBRE Hotels.
Standing on a 1.2-hectare site, the resort complex comprises the 269-room Crowne Plaza Hotel currently operated by IHG, management rights for the 104-room Gold Tower, retail space, a tavern, 15 function venues and multiple food and beverage outlets, including Queensland's only revolving restaurant.
The offering also comes with a development site which already has approval for 234 apartments in a 46-level tower.
CBRE Hotels is marketing the complex through an international expressions of interest campaign, for sale as a single entity or as individual parts.
The resort is located on the Gold Coast Highway, between the two hubs of Surfers Paradise and Broadbeach, and is directly connected to the Gold Coast light rail with a terminal in front of the hotel.
CBRE Hotels said the owners had decided to divest their only Australian hotel asset to capitalise on a buoyant investment market and strong investor appetite.
"The Gold Coast is one of the most sought-after hotel investment markets and is also one of the most tightly held, with opportunities to gain an investment foothold rare, especially with vacant possession, so this presents a significant opportunity," said Wayne Bunz, national director of CBRE Hotels.
He added that the ability to gain vacant possession, coupled with the resort's prime location, value enhancement options and the strong fundamentals of the Gold Coast hotel market would help underpin strong buyer interest.