Surfers Paradise’s Crowne Plaza offered up for $100m-plus
The Singaporean family office fund-anchored Xgenesis is looking to cash in on surging interest for Gold Coast hotels by offering the Crowne Plaza Surfers Paradise with price expectations of $100 million-plus.
The group is selling its only Australian hotel asset in a bid to capitalise on a buoyant investment market, having bought the property less than four years ago for about $75 million.
Selling agent Wayne Bunz of CBRE says a key selling point for the Crowne Plaza is the fact it is being sold vacant possession and is situated on 1.2ha.
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“With this deal, we have many options. We can continue with a management agreement with IHG or we can get vacant possession on the sale and open the hotel to an owner operator from Asia,” Mr Bunz said.
“The hotel could also be rebranded under one of the Marriott, Accor or Toga Far East brands, and it has development approval for 244 apartments.”
The 269 key resort fronts the Gold Coast Highway, positioned between Surfers Paradise and Broadbeach, close to the Gold Coast Convention Centre Star Casino and the Pacific Fair shops.
One of the newest five-star hotels on the Gold Coast, the Hilton Surfers Paradise also hit the market this week with price expectations of more than $80 million. The hotel is being sold by the private Chinese family group Ja Feng.
It features 169 hotel rooms averaging about 40sq m as well as four food and beverage outlets and 89 basement carparks. It also offers vacant possession. Expressions of interest close through Sam McVay of McVay Real Estate on September 6.
Meanwhile, French giant AccorHotels will open its 55th Mercure hotel in the Pacific region within the next three years, with hotels to open in Canberra, the Gold Coast, Melbourne and Auckland.
The mid-scale Mercure brand will open a Mercure Canberra Belconnen next year as well as the Mercure Auckland Queen Street. On the Gold Coast, the Mercure Southport is set to open by 2021 along with the Mercure Melbourne Doncaster.
The 96-room Mercure Auckland Queen Street is being developed within an existing building in Auckland’s CBD. The eight-level property is being developed by BN Land.
The Mercure Canberra Belconnen is being developed by the Canberra Labor Club and will comprise 125 rooms.
The Mercure Southport is a new-build hotel on the Gold Coast, with 160 rooms and will also offer events and meeting space.
The owner is property developer Stay Centro, which also owns several fuel and retail stores.
In Melbourne, Accor is partnering with Accord Property Group on its first hotel development, the 190-room Mercure in Doncaster.
This article originally appeared on www.theaustralian.com.au/property.
