Malaysia’s richest person sells Surfers Paradise hotel, marina
EXCLUSIVE
Malaysia’s richest person, 101 year old Robert Kuok, has sold the Vibe Hotel Gold Coast and Surfers Pavilion after eight years.
The 4679 square metre amalgamation – a 22 level hotel, shopping centre and marina – is understood to be selling for about $45 million after a campaign launched nine months ago.
Mr Kuok, via Shangri La Group, paid $46m.
That seller was Toga Group and Greg Shand’s Barana Group.
JLL’s Adam Bury, Tim Jones and Tom Gleeson brokered the latest sale.
Kuok sheds Surfers Paradise assets
The 199-key hotel is leased to HMA until June (story continues below).
The Surfers Pavilion entertainment space carries 35 electronic gambling machine entitlements, each worth about $466,000, according to the agents (total supply in south east Queensland is 50,000).
The 1227 sqm marina is leasehold; the property has over 90 metres river frontage.
“Interest was strong from both domestic and international investors, with enquiries coming from a range of local and interstate groups as well as from Asian and North American capital,” Mr Jones said.
“The sale emphasises the depth of capital that exists for hotel and hospitality assets in south east Queensland as the market remains a must have for many,” he added.
More to come.
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