The hotel sits on 5.6 acres and the adjoining parcel totals 3.7acres. The hotel development consists of four restaurants and bars,a gymnasium, spa and sauna, swimming pool, tennis courts, specialtyshops and 296 luxury guest rooms.
The buyer is CIRA International, which consists of propertydevelopers CP1 Ltd and Raptis Group. CIRA plans to renovate theexisting hotel before developing the adjacent parcel, most likelywith another hotel.
CP1, a listed development subsidiary of property finance groupCity Pacific, also owns and manages the Paradise Resort across theroad from CGI. Locally based Raptis' local portfolio includes theSurfers Paradise Holiday Inn, bought in 2005 for US $82 million,and the Sheraton Mirage, acquired last year for $64 million.
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