Hilton Surfers Paradise
GOT $60 million? You could own one of the city’s newest five-star hotels.
The Hilton has joined the list of top-rung Gold Coast properties put up for sale as the falling Aussie dollar and low interest rates spur on local and foreign buyers.
A sale of the Surfers Paradise Marriott Resort and Spa — whose sellers were chasing $100 million — could be close, with expressions of interest closing earlier this month, while Crowne Plaza and Sheraton Mirage are also up for grabs.
Dan McVay, whose agency is marketing the Hilton, said worldwide demand for hotels had combined with national economic factors to create the best sales environment seen in years.
He said the position and youth of the Hilton, which is expected to make in the region of $60 million, meant it would sell.
“It’s a cracker,” he said.
“We’ve been marketing it here and in Asia — I have been away marketing it in Singapore and Hong Kong.
“Especially for a new product that’s smack in the middle of Surfers. It’s a beauty.”
The sell-off move comes on the heels of the Sofitel at Broadbeach changing hands — and recent sales are not all to foreign buyers.
Oasis shopping centre, the Paradise Resort, and a suburban shopping centre have sold to Australian buyers in the past five weeks, deals that all up are worth about $200 million.
Prices are strong too. McVay Real Estate settled the sale of the Noosa Sheraton for $108 million last week, a rate of $612,000 per room.
Mr McVay said he expected strong interest from local buyers for the Hilton as well.
“The chances of it being an Australian buyer are high,” he said. “I’ve been selling real estate here on the Gold Coast for more than 30 years …
“I’ve seen it come and go and it’s definitely in a coming phase.
“People can borrow money at sub 4 per cent — I’ve never seen anything like it.”
The Hilton sale includes four food and beverage outlets, day-spa facilities, a pool deck, 89 parking bays, and the management rights to the Hilton Residences letting pool.