Hotelier Dr Jerry Schwartz has acquired The Hilton Hotel Surfers Paradise for $70 million in a deal that includes management rights for both towers at the Orchid Ave site.
The deal marks his first foray into Queensland hotel property market, bringing the Schwartz Family Company’s hotel portfolio in Australia to 14.
Schwartz appears to have snapped up a bargain, with records showing Chinese owners Ji Feng Investments were looking for bids closer to $80 million, after buying the package of three properties for a total of $73.9 million in 2011.
The purchase includes the 169-room hotel and management rights for 220 apartment-style residences. The hotel also features four restaurants and bars, a spa, extensive conference and function facilities, four pools, a large outdoor deck area and car parking.
Dr Schwartz believes there is “enormous potential” for growing the hotel’s business.
“The Gold Coast is ideally positioned to take advantage of the boom in international travel from Asia and the Pacific, and with Gold Coast and Brisbane international airports expanding their range of source markets, I thought it was the ideal time to enter the market,” he said.
“I’ve been impressed by the development of tourism infrastructure in recent years, and the seamless staging of the events such as the Commonwealth Games.
“It’s a tremendously vibrant destination that combines world-class beaches with a touch of Las Vegas pizzazz. It all adds up to making the Gold Coast Australia’s ‘entertainment and events capital’.”