WALL Street heavyweight Blackstone Group, which recently announced an $806 million buyout of the debt laden Valad Property Group, has withdrawn a high-profile hotel from the market.
The 22-year old Sheraton Noosa Resort and Spa in the Sunshine Coast has frontage to the Hastings Street retail strip, and mooring facilities to the Noosa Valley. With 176 rooms and on almost 10,000 square metres of land, Valad listed the hotel for sale in March, with price expectations of about $70 million.
Valad paid $93.6 million for the resort in 2007. The value has dipped to about $85 million, according to the AFR which reported the resort being withdrawn from sale.Read more