Hilton in Australia's Gold Coast sold for $50M

Brookfield Multiplex sold its Hilton Surfers Paradise Hotel on the Gold Coast for more than $50 million to a private Chinese-Australian family.

The deal adds to a Gold Coast property market where more than $650 million in development sites and hotels has been snapped up in the past 12 months by Asian buyers. The Hilton, which has 169 rooms, was offered for sale in March along with the associated management rights of the hotel's adjacent tower containing 250 residences. 

The original site at which the Hilton is built was owned by listed developer Raptis Group before the company collapsed during the financial crisis. The $700 million Hilton Hotel complex, backed by the Australia and New Zealand Banking Group, was then developed by the then-named Multiplex before being taken over by Canadian giant Brookfield.  

The deal comes less than a month after a Singapore-based family office acquired the Crowne Plaza at Broadbeach for around $70 million in an off-market deal. Global timeshare operator Marriott Vacation Club bought the Surfers Paradise Marriott Resort and Spa a month earlier for $90 million.