GC Marriott for sale

Rajawali Property Group, the Indonesian owners of the Surfers Paradise Marriott Resort and Spa, has listed the five-star hotel for sale through Sam McVay of McVay Real Estate.

The asking price is $100 million.

Mr McVay said the vastly improved Gold Coast tourism market would increase the value of the Marriott, which Rajawali purchased for $67.4 million in 2009. The hotel underwent an extensive $20 million refurbishment in 2011.

“You’d never be able to find this piece of land and then build that tower on it for $100 million so it’s being sold below replacement cost,” he said.

The expressions of interest campaign ends on 5 March.

AN70-4-DN-Surfers Paradise Marriott 1 300x225The Marriott holds hotel management rights until 2024 with a further 10-year option.

The Marriott is the second major Gold Coast hotel to be offered for sale with the listing of the Sheraton Mirage last August.

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