Minor Hotel Group has paid more than $5 million for the management rights to a 22-level Surfers Paradise tower, marking the third hotel in its Gold Coast management portfolio.
The management rights of the 108-key Gold tower, which adjoins the Crown Plaza hotel, were sold by a Singaporean syndicate. In 2018 it listed both towers for sale with price expectations of more than $100 million.
Rebranded Minor as the Oaks Gold Coast Hotel, the recently refurbished Gold tower features meeting rooms and a swimming pool.
The latest acquisition adds to its other Gold Coast hotels Avani Broadbeach Gold Coast Residences and Oaks Calypso Plaza in Coolangatta.
“Australian hotels are seen as an absolute safe haven for international investors due to favourable investment conditions and record low interest rates, while the low Australian dollar offers substantial value and favours inbound tourism,” CBRE Hotels agent Wayne Bunz told the Gold Coast Bulletin.
“The Gold Coast remains a premier holiday destination for domestic and international visitors, and is expected to record increased inbound visitation.”