Singaporean family to sell Australian Crowne Plaza resort for $74m

The 269-room hotel sits on the Gold Coast Highway.

Deal Street Asia reports that a Singaporean family is selling Crowne Plaza Surfers Paradise, a 1.2-hectare resort complex in Australia’s Gold Coast Highway, for $100.75m (A$100m).

Marketing agent CBRE Hotels said 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.

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 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.

Read the full report here.

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