Surfers Paradise hotel management rights snapped up for $5M by Thai-based hotel group Minor Hotel Group

An Asian group with 520 hotels in 52 countries has shelled out $5 million for the management rights of a Surfers Paradise tower.

THE Thai-based Minor Hotel Group has added a third hotel to its Gold Coast footprint, shelling out more than $5 million for the management rights to a 22-level Surfers Paradise tower.

The 108-key Gold tower, which adjoins the Crown Plaza hotel, has been rebranded by Minor as the Oaks Gold Coast Hotel.

Its other hotels on the Gold Coast include Avani Broadbeach Gold Coast Residences and Oaks Calypso Plaza in Coolangatta.

CBRE Hotels agent Wayne Bunz, who brokered the deal with colleague Hayley Manvell, declined to comment on the price but industry sources said it was about $50,000 per key.

The Thai-based Minor Hotel Group has purchased the management rights to the Gold tower on the Gold Coast Highway.

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The Minor Hotel Group’s portfolio now consists of 520 hotels in 52 countries with the new Surfers Paradise asset making up its 63rd hotel in Australasia.

In 2015 it bought the management rights to the 35-level The Beach tower, now known as Avani Broadbeach.

Mr Bunz said there remains strong interest from international visitors for “quality hotel assets”.

“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,” Mr Bunz said.

“The Gold Coast remains a premier holiday destination for domestic and international visitors, and is expected to record increased inbound visitation.”

Mr Bunz said the hotel rooms are being sold off separately.

The management rights were sold by a Singaporean syndicate, which in 2015 bought both the Gold tower and Crowne Plaza. In 2018 it listed both towers for sale with price expectations of more than $100 million.

The Gold tower was recently refurbished and features meeting rooms, a swimming pool and views of the new Jewel development and the Gold Coast’s beaches and hinterlands.