Marriott Vacation Club has completed the sale of the hotel component of the Surfers Paradise Marriott Resort & Spa in Queensland, Australia to Bensonlily Surfers Paradise Pty Ltd for a gross sale price of $70 million AUD (approximately $50 million USD at current exchange rates).
Marriott Vacation Club purchased the Surfers Paradise Marriott Resort & Spa in July 2015 and is currently transforming eight floors of the property into Marriott Vacation Club at Surfers Paradise, featuring 88 timeshare deluxe guestrooms and one- and two-bedroom suites.
The sale to Bensonlily Surfers Paradise Pty Ltd includes the remaining 216 rooms and the resort amenities.
Marriott Vacation Club at Surfers Paradise and the Surfers Paradise Marriott Resort & Spa will share the resort’s amenities, including a full service spa, fitness center and four dining outlets. The entire resort will be operated by Marriott International pursuant to a long-term management agreement.
“We’re truly excited to have Marriott Vacation Club at Surfers Paradise in our portfolio of amazing destinations,” said Stephen P. Weisz, president and chief executive officer of Marriott Vacations Worldwide. “The sale completes our capital efficient transaction and we will look to re-invest the proceeds to add more exciting new destinations in our Asia Pacific portfolio. We look forward to sharing this beautiful resort with the hotel’s new owner at this prime location on the Gold Coast.”