Singaporean family selling Crowne Plaza resort in Australia for over $74m

Crowne Plaza
Crowne Plaza Hotel. Photo from CBRE

A private Singaporean family is selling Crowne Plaza Surfers Paradise, a 1.2-hectare resort complex in Australia, for over A$100 million ($74 million), according to marketing agent CBRE Hotels.

“The sale plans coincided with the owners’ decision to divest their only Australian hotel asset, to capitalise on a buoyant investment market and strong investor appetite,” CBRE Hotels said in a statement on its website.

CBRE Hotels, which has been exclusively appointed to market the assets, declined to identify the Singaporean family that owns the property on sale.

The offering includes the 269-room Crowne Plaza Hotel, management rights for the 104-room Gold Tower, a two-level penthouse, extensive retail space, 15 function venues, a 261-space parking space, F&B outlets, and Queensland’s only revolving restaurant with a 360-degree view of the Gold Coast.

The large 1.2-hectare landholding also offers additional development land with approval for 234 apartments in a 46-level tower. The assets will be sold in-one-line or individually through an International Expressions of Interest campaign, CBRE Hotels said.

The resort fronts the Gold Coast Highway and is positioned between the two hubs of Surfers Paradise and Broadbeach, in direct proximity to key demand generators including the Gold Coast Convention Centre, Star Casino, Pacific Fair Shopping Centre and the soon-to-be-completed Jewel development.

Gold Coast has been the best performing market in Australia in the year to date, with revenue per available room (RevPAR) growing 14.4 per cent. While much of this can be attributed to the Commonwealth Games, the momentum continued into June, with RevPAR growth of 10 per cent, CBRE Hotels said.

“The Gold Coast is one of the most sought-after hotel investment markets and is also one of the most tightly held, with opportunities to gain an investment foothold rare, especially with vacant possession, so this presents a significant opportunity,” Wayne Bunz, National Director of CBRE Hotels, said.

Also Read:

Singapore: Frasers Property Australia sells Sydney hotel for nearly $136m

Singapore: Wee Hur expands in Australia, buys $64m property