Solid numbers behind real estate portion of circa $100m hotel deal

Crowne Plaza fetched almost $100m in its December sale, with the real estate portion linked to the deal sitting around $71m.

The real estate portion of an almost $100m deal struck for the sale of the Crowne Plaza hotel in Surfers Paradise has been revealed – a whopping sum despite interest rate headwinds.

Two real estate transactions worth over $71m were struck during the almost $100m deal that saw NSW-based hoteliers Bill and Mario Gravanis buy the Crowne Plaza hotel on the Gold Coast, updated property records show.

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Interest in hotel assets on the Gold Coast is strong, with this past summer having seen a surge in tourism activity.

Queensland government data shows a private Singapore family sold the properties under their company XGenesis with $64.125m struck for their real estate portion of 2801-2833 Gold Coast Highway and $7.5m for 22 Beach Parade.

The first covers a land area of 1.211ha and the second is 666sq m.

CBRE Australia national director hotels Asia Pacific Wayne Bunz said the Crowne Plaza hotel sale was “far closer to $100m” when both the real estate portion and other elements of the deal including plant and equipment were taken into account.

“Combined it’s very close to $100m.”