The five-star Hilton hotel in View Pacific Holiday Apartments (Surfers Paradise), a prosperous area of Gold Coast, will be on sale for about 80 million yuan after Chinese investors decided to sell it.
In 2011, the private company, JiFeng, bought the hotel from Brookfield for about$37 million, and has now appointed McVay Real Estate Australia, a professional brokerage firm to sell the property. The company has no other commercial realates in Australia, but may be considering making new investments in Sydney.
The hotel, once part of the bankrupt Raptis company, consists of 169 rooms, 4 food and beverage shops, conference facilities, swimming pool decks, two gyms, a day spa and 89 underground parking spaces.
Gold Coast tourism is rebounding strongly, proving to be one of the best performing hotels in Australia.
Revenue growth
McVay Real Estate`s Sam McVay said the gold coast market revenue per available room has increased by 15.6%year-on-year, ranking among the best travel destinations in Australia this year. ``We believe that the entire gold coast market will continue to grow in the next few years, driven by unprecedented infrastructure investment in airports, railways and highways. `` he said.
McKay said the new owner is likely to replace Hilton as manager and make significant improvements to the hotel.
The pricing of about $80 million is still well below the replacement cost, allowing new owners to make further capital investments and gain more room for upward development.
