Vibe Hotel Gold Coast for sale as foreign buyers pursue resorts

The pair, who a decade ago picked up the then Concorde hotel and tavern from Singaporean tycoon Ong Beng Seng, for $27.5m, are well positioned as international developers chase Gold Coast sites.

There has been a run of resort sales on the coast and many have a development twist. Global timeshare operator Marriott Vacation Club bought the Surfers Paradise Marriott Resort and Spa on the Gold Coast for $84.5m this year and one group is planning a property overhaul.

Other hotels to sell include the Hilton in Surfers Paradise and the Crowne Plaza, which can accommodate a new unit tower.

Development plays include William O’Dwyer’s Ralan Group buying the Paradise Resort in Surfers Paradise and another site from Brookfield, where he plans a $1 billion apartment complex.

The highest-profile player has been billionaire Hong Kong businessman Tony Fung, who paid about $55m for a site on The Esplanade that can accommodate up to 750 units. Mr Fung is also buying the Sheraton Mirage on the Gold Coast for $160m, where he has hopes of developing a luxury casino resort.

Hong Kong-backed Forise Holdings also bought an oceanfront reserve site for about $65m and is planning a tower to rival Sunland’s landmark Q1.

National Property Research Co has predicted demand for 156,000 new dwellings, with about 31,000 of those to be apartments.

Source: The Australian, Ben Wilmot, 10^th September 2015
Originally published as: Vibe Hotel Gold Coast for sale as foreign buyers pursue resorts