Oscars Hotels has purchased its first Gold Coast investment – the Crowne Plaza Surfers Paradise – for a speculated $100 million.

The acquisition comes a year since the group, directed by brothers Bill and Mario Gravanis, outlaid close to $20m for Long Island, in the state’s Whitsundays.

That property, which Oscars plans to redevelop, was offered by Sydney based ex-Rothschild Bank managing director, David Kingston.

Crowne Plaza Surfers Paradise meanwhile, which was recently refurbished and is leased to IHG, was listed by Singaporean asset manager X Genesis which paid Cockpit Hotels – also from that country – $70m in 2015.

The venue is about 2.5 kilometres south of Cavill Avenue.

Crowne Plaza Surfers Paradise, Gold Coast
Crowne Plaza Surfers Paradise occupies a 1.2 hectare block with development upside.

Crowne Plaza Surfers Paradise

On 1.2 hectares, the 24 level Crowne Plaza Surfers Paradise contains 269 suites and 261 car parks.

It also includes more than a dozen function rooms and a hospitality space with a revolving restaurant.

X Genesis also offered the property in 2018 with a $100m-guide; it came permit-ready for a 46 level residential tower with 234 units.

Oscars will retain it as an investment.

Elsewhere in Queensland, the group last September paid Mapletree $48m for the 11 level Oakwood hotel, beside Brisbane’s Story Bridge.

CBRE’s Wayne Bunz brokered that sale as well as Long Island and the last two Crowne Plaza Surfers Paradise deals.

Article source: Queensland Property Investor

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