Surfers Paradise Marriott Hotel sold
2003-07-14
Marriott International Inc. sold the Surfers Paradise Marriott Hotel to the Commonwealth Property Hotel Fund (CPHF) for approximately A$60 million or A$180,000 per key.
The 330-room hotel located at Surfers Paradise, Australia had been built for A$200 million in 1992. Marriott International acquired it in 2000 for A$63 million. The acquisition increases CPHF's hotel portfolio to four with a combined value of A$360 million. The fund has a close relationship with Marriott, as it also owns the Brisbane Marriott Hotel, the Melbourne Marriott Hotel and Sydney's Renaissance Hotel (recently re-branded Sydney Harbour Marriott Hotel).
Source HVS International
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