HGC to grab Marriott Surfers Paradise hotel for A$47 mln

Hotel Grand Central agrees to pay an amount of A$2,350,000 as initial deposit for the Courtyard by Marriott Surfers Paradise purchase in Queensland, Australia.

Hotel Grand Chancellor (QLD) Pty Ltd, a wholly owned subsidiary of HGC has entered into two conditional sale and purchase agreements on 5 July 2010 with third parties to acquire the Courtyard by Marriott Surfers Paradise and its business for A$47 million, an HGC report said on Tuesday.

The Courtyard by Marriott is a freehold four star hotel located on the corner of Surfers Paradise and Hanlan Street Surfers Paradise. It forms part of Centro Surfers Paradise, which is the largest shopping centre in Surfers Paradise.

The property is a 31 level building comprising 405 accommodation rooms, a restaurant and two bars, five conference and meeting rooms, gymnasium and pool.

An initial deposit of A$2,350,000 will be given and a further deposit of A$2,350,000 shall be paid upon fulfillment of the conditions. The balance of A$42,300,000 would be payable on completion date.

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