Exciting market offering: Vibe Hotel Gold Coast and Surfers Pavilion
Vibe Hotel Gold Coast and Surfers Pavilion offer unmatched potential and opportunity on booming Gold Coast
The highly anticipated Vibe Hotel Gold Coast and Surfers Pavilion has been exclusively brought to market by JLL’s Hotels & Hospitality Group.
This prominent offering stands as one of the most exciting hospitality opportunities of 2024, showcasing a sizeable freehold land parcel of nearly 4,700sqm with approximately 90m of direct river frontage. The hotel’s 22-storey tower, home to 199 rooms, offers stunning views of the Pacific Ocean, Surfers Paradise Beach, and the Gold Coast hinterland.
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The sale, managed by JLL’s Adam Bury, Tim Jones, and Tom Gleeson, includes not only the Vibe Hotel Gold Coast but also the Surfers Pavilion, which boasts a 600+ pax capacity and is currently leased by Artesian Hospitality. Additionally, the offering features 35 gaming machines, whose values have surged over the past 24 months, and a marina that services both the hotel and Surfers Pavilion.
Adam Bury, Executive Vice President at JLL Hotels, remarked on the uniqueness of this market opportunity. “This is genuinely one of the most exciting opportunities we have seen come to market in the past couple of years. The land-rich offering and combination of in-place hotel, pub, and gaming is unique within the market. Currently managed by TFE, the hotel will be available with vacant possession on sale, ensuring that the optionality presented to incoming investors is unrivalled.”
The Gold Coast hospitality market continues to flourish, with limited new supply in the upper and upper-upscale segments. According to STR May YTD numbers, the Gold Coast has seen a 3% increase in occupancy compared to the same period last year, while RevPAR is up 35 percent for YTD May 2024 compared to 2019. The potential for vacant possession enhances the appeal for investors considering various operational models for the property.
Bury added, “In 2023, we saw incredibly strong demand from investors for the Sheraton Grand Mirage in what was a landmark transaction for the Gold Coast and the wider South East Queensland region. With the qualities, attributes, and pricing point being presented, combined with the continued growth in the Gold Coast economy and its attractiveness to residents, businesses, and tourists, we expect to see exceptionally strong interest in the property from local, interstate, and international purchasers.”
The property is anticipated to attract not only investors seeking to generate income from its hospitality assets but also developers eyeing its potential for residential development.
Tim Jones, Director of Capital Markets at JLL Brisbane, noted, “We’ve been particularly active with waterfront development sites over the past twelve months across the Gold Coast. The Vibe Hotel Gold Coast and Surfers Pavilion will be attractive to developers noting the in-place income and with the existing improvements split into two notable and distinct uses, a two-stage development is very much viable.”
JLL Hotels & Hospitality Group has established itself as the leading advisor for coastal properties in Australia, having facilitated approximately $400m in sales over the past year in South East Queensland and Northern New South Wales. Notable transactions include the $192m sale of the Sheraton Grand Mirage Gold Coast and recent sales of Mercure Kawana Waters and Vali Byron Bay. The group has also announced the significant sale of the Blue Dolphin Holiday Park to NRMA, with further deal announcements expected soon.
Sources: JLL Research, Queensland Treasury, Queensland Government, STR
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