Abacus Property Group has sold the Novotel Twin Waters for $88.5 million to Melbourne-based asset trader Shakespeare Property Group.
The four-star, 361-guest room resort is located on Queensland’s Sunshine Coast.
The property has been on the market for the past two years as a result of a number of failed and withdrawn bids.
Last year, the Chinese HNA Group pulled out of a deal to buy the resort.
HNA, who have been focused on tourism-related assets, also has plans to acquire the Sunshine Coast Airport but missed out to Palisade Investment Partners.
New owner Shakespeare is a value-add investor that repositions, leases and sells commercial towers.
It has a strong record along the east coast of Australia.
The hotel is the Abacus's last remaining asset after unit holders voted for a sell-down of assets three years ago.
In addition, Abacus has sold an adjacent, separate parcel of land for $11 million, due for settlement in October 2019.
The site, between the Maroochy River and the beach, has been touted as having the capacity for two more resorts.
Abacus has had a strong focus on reworks its portfolio with a sharpened strategy this year.
The group recently sold the Bacchus Marsh shopping centre in regional Victoria to property investor Colin De Lutis for $61.65 million.
Abacus also purchased a $93.5 million inner-city office building in Melbourne and another $48.85 million commercial building in Sydney’s Alexandria.
The group also entered into a venture partnership with global real estate management firm Heitman, acquiring an office tower in Brisbane’s Fortitude Valley for about $170 million.