The latest Gold Coast hotel
THE Crowne Plaza and Gold Tower is the latest Gold Coast hotel to be placed on the block on the back of red hot interest in the city’s hotel market.
The buoyancy of the Gold Coast market is also believed to have prompted ANZ and Brookfield Multiplex to exit their Hilton Surfers Paradise Hotel and Residences development.
Singapore’s Cockpit Hotels is selling the four-and-a-half star Crowne Plaza property, that comes with an attached development site, with expectations topping $60 million.
The Crowne Plaza hotel has 269 guest rooms and suites and associated function and banquet rooms, as well as a tavern. The hotel is being chased by owner-operators.
The Intercontinental Hotel Group’s management agreement runs until the end of 2022, but vacant possession is available on the sale.
The offer includes management of the five-star Gold Tower, a 24-level strata titled property, as well as a Beach Parade development site that has conditional approval for a 46-storey apartment tower with 234 units.
McVay Real Estate is handling the off-market deal and other properties in the increasingly lucrative market.
ANZ and Brookfield Multiplex rescued the $700 million Hilton Surfers Paradise Hotel and Residences in the wake of the global financial crisis.
The development includes the 169-room Hilton and 224 private residences spread between two towers.
Property industry sources said the hotel and management rights could separately attract offers of more than $60 million.
The latest hotel offerings come after the Gold Coast Bulletin revealed yesterday that the five-star Sofitel hotel at Broadbeach has been snapped up for $62 million by a Chinese group that is planning on making a major foray into the Australian hotel sector.
The Huayu Group China, an investment bank-backed development conglomerate set up in 1986 that has interests in hotels, retail and high-speed transportation, purchased the Sofitel hotel through its Australian subsidiary Blue Ocean Gold Coast.
Asian buyers are also in the hunt for the $100 million Surfers Paradise Marriott Resort and Spa that is being offered for sale by Indonesia’s Rajawali Property Group and the Sheraton Mirage Resort and Spa, being sold by Pearls Australasia.