Singapore-listed Hotel Grand Central has inked conditional agreements to purchase an Australian hotel and its business for of A$47 million (S$55.1 million).
The selling price for the Courtyard by Marriott Surfers Paradise in Queensland works out to around A$116,000 per room. The 405-room, four-star freehold hotel is situated at the corner of Surfers Paradise Boulevard and Hanlan Street, Surfers Paradise, which is part of the largest shopping centre in the district – the Centro Surfers Paradise.
"A comprehensive review of the hotel will be undertaken with a view to re-branding the property as Hotel Grand Chancellor, Surfers Paradise, upon settlement," said Hotel Grand Central.
The hotel, which has 31 storeys, with two bars and a restaurant, five conference and meeting rooms, a pool and a gymnasium, is being sold by Marriott Vacation Club.
The transaction was brokered by Jones Lang LaSalle Hotels.
When completed, the acquisition will expand the company’s portfolio of Australian hotels to eight, including its properties in Adelaide, Brisbane, Tasmania and Melbourne.
Hotel Grand Central also owns two hotels in Singapore and four in New Zealand.