tourism and hospitality – realestatesource https://www.realestatesource.com.au Commercial and residential property news Mon, 21 Sep 2009 13:38:23 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png tourism and hospitality – realestatesource https://www.realestatesource.com.au 32 32 Cottesloe Beach Hotel, Western Australia, For Sale https://www.realestatesource.com.au/cottesloe-beach-hotel-western-australia-for-sale/ Wed, 16 Sep 2009 13:26:02 +0000 http://realestatesource.com.au/wordpress/cottesloe-beach-hotel-western-australia-for-sale.html BROOKFIELD Multiplex will sell Perth's iconic Cottesloe Beach Hotel.

The developer failed to obtain a development permit after several years, and will sell the asset as an investment.

Its plans for a $100 million high rise building on the site seemed doomed in May when the Cottesloe Town Council decided to retain a three-storey height limit in the area.

Brookfield Multiplex paid $17 million for the Marine Parade property in 2003. The asking price this time around his not been disclosed.

]]> The Australian reports a $41 million deal fell through a couple of years ago. Much of its value at the time however, would have been in the site’s redevelopment potential.

CB Richard Ellis is marketing the asset.

]]> Surfers Paradise Marriott Resort & Spa Sells to Indonesia’s Rajawali Group For $75 Million https://www.realestatesource.com.au/surfers-paradise-marriott-resort-a-spa-sells-to-indonesias-rajawali-group-for-75-million/ Mon, 21 Sep 2009 13:38:23 +0000 http://realestatesource.com.au/wordpress/surfers-paradise-marriott-resort-a-spa-sells-to-indonesias-rajawali-group-for-75-million.html Surfers Paradise MarriottSURFERS Paradise's Marriott Resort & Spa Hotel has sold to Indonesia's Rajawali Group for about $75 million.

The hotel was offloaded by the Commonwealth Property Hotel Fund, which will use the funds to settle debt.

The Marriott sale to an Indonesian investor, follows the sale this month of the Pacific Beach site, also on the Gold Coast, to Chinese developers.

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Rajawali Group already manages an extensive hospitality portfolio, internationally. According to the AFR, the group considered acquiring the Sheraton Mirage Gold Coast Hotel from Raptis earlier this, but that sale did not proceed.

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