Surfers Paradise skyline from the ocean. Picture: Oscar Hartl. Source: Supplied
Global timeshare operator Marriott Vacation Club is returning to Australia with the acquisition of the Surfers Paradise Marriott Resort and Spa on the Gold Coast in a deal worth at least $90 million.
The move marks the return of big money to the so-called glitter strip, with more major hotel deals about to be announced.
Hotel occupancies are being boosted by the weakening dollar and the influx of domestic tourists and mainland Chinese holiday-makers.
The sale, being negotiated by McVay Real Estate, is just below the $100m price tag Indonesia’s Rajawali Property Group had hoped for when it put the property, which underwent a $20m refurbishment in 2011, on the market.
The 329-room hotel sports 14 conference and event areas and a popular saltwater swimming lagoon with sandy beach and man-made reef. The property’s guest marina has significant development possibilities and the hotel adjoins a residential tower site.
Marriott Vacation Club, the holiday ownership division of Marriott International, has a long history with the Gold Coast.
At the height of the global financial crisis in 2008 it paid $36.5m to receivers of the failed New Zealand financier Bridgecorp to buy the Courtyard by Marriott hotel elsewhere on the coast.
Two years later it sold the property to Singapore-listed Hotel Grand Central for $47m.
Marriott Vacation Club boss, Tom Dexter, who is based in Singapore, could not be reached for comment yesterday.
McVay Real Estate, which is also marketing the Marriott as well as two other prominent Gold Coast hotels, did not return calls yesterday.
The agent is also selling the Hilton in Surfers Paradise and the Crowne Plaza.
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, with vendor Brookfield tipped to reap about $60m.
Singapore’s Cockpit Hotels is also selling the 4½-star Crowne Plaza and Gold Tower with expectations there also topping $60m. That hotel has 269 guest rooms and suites and associated function and banquet rooms, as well as a tavern, and is being sought by owner-operators.
Last month, McVay handled the sale of Zagame’s Paradise Resort to Sydney-based Ralan Group for more than $70m.
