Gold Coast hotel sold to Thai group
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Gold Coast hotel sold to Thai group
The Thai-based Minor Hotel Group has acquired the Gold Tower on the Gold Coast in a deal brokered by CBRE Hotels agents Wayne Bunz and Hayley Manvell.
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CBRE HotelsThe exterior of the Oaks Gold Coast Hotel
Minor Hotel Group has expanded its portfolio on the Gold Coast with the purchase of the Gold Tower.
The hotel owner and operator has acquired the management letting and caretaking rights and freehold of the management lot of the 22-storey property, which is located on the Gold Coast Highway.
It has subsequently rebranded the site under Minor International’s Oaks Hotels, Resorts & Suites brand, as the Oaks Gold Coast Hotel.
The sale means the 108-key hotel joins Oaks Calypso Plaza and Avani Broadbeach Gold Coast Residences as the other Minor Hotel Goup locations in the area.
CBRE Hotels agents Wayne Bunz and Hayley Manvell handled the transaction on behalf of a private Singaporean investment group.
Mr Bunz said the Gold Coast remained a premier holiday destination for domestic and international visitors, and is expected to record increased inbound visitation.
The interior of one of the rooms. Source: CBRE Hotels
“Demand for quality hotel assets in leisure-orientated locations such as the Gold Coast have attracted strong interest from international investors," he said.
“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.”
The Oaks Gold Coast Hotel was recently refurbished and features meeting rooms, a swimming pool and views of the new Jewel development, as well as the Gold Coast’s beaches and hinterland.
Minor Hotels Chief Operating Officer Craig Hooley said the acquisition further enhanced the rapid expansion of the company within the region.
“Within close proximity of Cavill Avenue, Oaks Gold Coast Hotel is the ideal base for those wanting to stay near the action while enjoying the comfort, freedom and space of Oaks hospitality," he said.
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