Shakespeare Property Group paying $100 million for the Sunshine Coast’s Novotel Twin Waters Resort
The Novotel Twin Waters Resort, on Queensland’s Sunshine Coast, is selling to Melbourne-based Shakespeare Property Group for a speculated price of about $100 million.
The deal, reported by The Australian, comes a year after the vendor, Abacus Property Group, thought it sold the complex to China’s HNA Group for about $130 million.
HNA later pulled out of that deal (it has subsequently been selling other local property, including an office at 1 York Street, Sydney, which traded to US-based private equity and real estate giant, Blackstone, for $205 million eight months ago).
The Sunshine Coast asset (pictured, top) includes a 361-room four-star resort, managed by Accor Australia. It sits on a 48.6 hectare site with substantial redevelopment potential.
