X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SURFERS PARSDISE, QUEENSLAND-Orix Australia Corp. is selling the Gold Coast International Hotel here and adjacent land for $54.7 million. The property came with its 2006 acquisition of hotel developer Daikyo.

The hotel sits on 5.6 acres and the adjoining parcel totals 3.7 acres. The hotel development consists of four restaurants and bars, a gymnasium, spa and sauna, swimming pool, tennis courts, specialty shops and 296 luxury guest rooms.

The buyer is CIRA International, which consists of property developers CP1 Ltd and Raptis Group. CIRA plans to renovate the existing hotel before developing the adjacent parcel, most likely with another hotel.

CP1, a listed development subsidiary of property finance group City Pacific, also owns and manages the Paradise Resort across the road from CGI. Locally based Raptis’ local portfolio includes the Surfers Paradise Holiday Inn, bought in 2005 for US $82 million, and the Sheraton Mirage, acquired last year for $64 million.

Lend Lease is handling the sale for Orix and for that will receive an undisclosed fee. The transaction is expected to close in April.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.