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A five-star beachfront hotel in Surfers Paradise has hit the market after the developer received council approval for a 15-storey tower, with both the freehold and hotel up for grabs.
A Sydney-based property syndicate led by Lawrance Ryko pulled together the development deal—acquiring the ’70s-era Anglesea Court for about $16 million.
Ryko has tapped JLL to run an expressions of interest campaign for the hotel asset, and is open to offers around the $20 million mark for the 1,037sq m freehold.
In September, Surfers Paradise Hotel Holdings submitted a development application for a 15-storey hotel with 112 rooms, three penthouses and ground floor retail. Council approved the “Garfield Hotel” project last week.
JLL Hotels & Hospitality senior vice president Tom Gibson is managing the expressions of interest campaign for the hotel, which is available on a turnkey arrangement.
Two hotel operators including Los Angeles-based hotel operator Sbe are in talks to take up a management agreement or lease in the project.
Gibson said the Gold Coast hotel market is evolving into one of the more liquid investment markets.
“The Gold Coast has proven to be one of the most resilient hotel markets in Australia [with] recent major infrastructure investment including the Gold Coast Airport expansion and the Light Rail project,” Gibson said.
Other than the soon-to-be-completed $1.4 billion Jewel, there has been no absolute beachfront hotel development on the Gold Coast in more than 20 years.
Luxury hotel operator Langham announced it will occupy the five-star, 169-key hotel as part of the three tower Jewel last year. Further south, a proposal has been submitted for a 132-room luxury beachfront hotel on The Esplanade in Burleigh Heads.
“The Garfield Hotel will join the exclusive club of absolute beachfront positioning on the Gold Coast, with only the Sheraton Grand Mirage Resort and the under-construction Langham Hotel,” Gibson said.
The expressions of interest campaign for the Garfield Hotel closes Tuesday 31 March.
