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MARRIOTT Vacation Club has offloaded the hotel component of Surfers Paradise Marriott Resort & Spa for $70 million less than a year after acquiring the property.
The US accommodation provider purchased the hotel for $85 million last July and is in the process of transforming eight floors of the property into 88 timeshare guestrooms and suites.
The sale to Bensonlily Surfers Paradise comprises the remaining 216 rooms and shared resort amenities. The Australian entity has the same principals as KS Hotels & Resorts in Thailand.
The resort will be operated by Marriott International pursuant to a long-term management agreement.
Marriott Vacations Worldwide president and CEO Stephen P. Weisz says the Gold Coast offering will bolster the company's portfolio of destinations across the world.
"The sale completes our capital efficient transaction and we will look to reinvest the proceeds to add more exciting new destinations in our Asia Pacific portfolio," Weisz says.
"We look forward to sharing this beautiful resort with the hotel's new owner at this prime location on the Gold Coast."
Rajawali Property Group bought the Marriott in 2009 for $67.4 million and later divested the property to focus on its investments in Indonesia.
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