Surfers Paradise hotel sells for $70 million
The hotel component of Surfers Paradise landmark the Marriott Resort and Spa has been sold for $70 million.
The owners, the Marriott Vacation Club, which acquired it for $85 million in a deal settled last July, put it on the auction block after opting to turn about a third of its 329 suites into 88 timeshare units. Marriott had acquired the property after identifying the the Gold Coast as an important market to grow its timeshare business in Asia-Pacific.
Marriott had acquired the hotel from the Rajawali Property Group, which wanted to consolidate operations in its base in Indonesia. Rajawali had bought the property for $67.4 million in 2009. Over the next two years, it outlaid $20 million on refurbishments.
The new owner of the hotel component is Bensonlily Surfers Paradise.
The company’s principals are KS Hotels & Resorts, a Thailand-based hospitality industry company which has ownership of venues including the JW Marriott Khao Lak Resort and Spa in Thailand.
Marriott said it was now converting eight levels of the building into timeshare luxury guestrooms and one- and two-bedroom suites following the sale.
“The sale to Bensonlily Surfers Paradise includes the remaining 216 rooms and the resort amenities,” Marriott said.
“Marriott Vacation Club at Surfers Paradise and the Surfers Paradise Marriott Resort and Spa will share the resort’s amenities, including a full service spa, fitness centre and four dining outlets.
“The entire resort will be operated by Marriott International pursuant to a long-term management agreement.”
Stephen Weisz, president and chief executive of Marriott Vacations Worldwide, said the company was pleased with the deal.
“The sale completes our capital efficient transaction and we will look to reinvest the proceeds to add more exciting new destinations in our Asia Pacific portfolio,” Weisz told the Gold Coast Bulletin.
The Marriott Vacation Club - the holiday ownership branch of Marriott International — previously owned the Courtyard Marriott, now known as the Hotel Grand Chancellor.
Retail Savvy opens new pub in Brunswick Street
High end food and beverage operator Retail Savvy is opening a new venue in Melbourne's ultra-trendy Brunswick Street.
by Leon Gettler, May 27th 2016
