FACELIFT FOR GRAND CHANCELLOR AFTER $80M SALE

Written on the 26 May 2016 by Karen Rickert

FACELIFT FOR GRAND CHANCELLOR AFTER $80M SALE

THE Hotel Grand Chancellor is poised for a major a makeover following the $80 million sale of the property to offshore investors.

The Singapore-based Hotel Grand Central has sold the 408-room Surfers Paradise property to fund manager Challenger in separate transactions comprising $77.41 million for the land and $2.59 million for the business.

The sale represents a significant return on investment for the Singapore-listed hotelier, which acquired Hotel Grand Chancellor Surfers Paradise for $47 million in 2010 and later spent $8.75 million on refurbishments.

Challenger also manages the adjoining Paradise Centre retail precinct along Cavill Avenue on behalf of the same offshore investor.

The latest deal builds on rising interest in the Gold Coast hotel market with a number of major players said to have run the ruler over the Grand Chancellor.

The off-market deal has reportedly been in the works since March, with international hotel groups such as IHG, Accor and Sheraton showing interest.

McVay Real Estate agents Dan and Sam McVay negotiated the sale, capping off a rush of hotel sales across the Gold Coast for the boutique firm.

McVay brokered the sale of Greenmount Resort in Coolangatta to Sunland Group (ASX:SDG) for $26 million in March, as well as Surfers Paradise Marriott Resort and Spa to Marriott Vacation Club for $85 million last year.

The Hotel Grand Chancellor Surfers Paradise sale is expected to be finalised on June 28, subject to approval from the Foreign Investment Review Board.

 


Author: Karen Rickert Connect via: Twitter LinkedIn

Latest News

HONG KONG FUND INVESTS $212.8 MILLION IN G8 EDUCATION

G8 EDUCATION (ASX: GEM) has secured $212.8 million from Hong Kong-based CFCG Investment Partners to pay down debt and...

MERGER DELIVERS THE FINANCIAL GOODS FOR TERRY WHITE

TERRY White Group has posted a solid half-year net profit of $1.3 million amid a period of major transformation fo...

BLUE SKY APPOINTS TWO NEW INDEPENDENT DIRECTORS

BLUE Sky Alternative Investments (ASX: BLA) has appointed two new independent, non-executive directors to its board: ...

INTEREST IN RETAIL PROPERTY SPIKES AS INTERNATIONAL BRANDS LOOK TO ROLL OUT IN AUSTRALIA

AN influx of international retail brands into Australia over the next five years are expected to push up demand for f...

Related News

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

TEST DRIVE A POST GRAD AT BOND

THERE'S only one way to really move your career into the fast lane, says Bond University, and 'test driving...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter