Abacus Property Group has settled on the acquisition of the Novotel Twin Waters Resort on Queensland’s Sunshine Coast.
The four star resort is located on Ocean Drive, Mudjimba Beach approximately five kilometres south of the Sunshine Coast airport.
The 374 room hotel will continue to be managed by the Accor Group.
Ababus bought the property was purchased from Lend Lease and General Property Trust for $58 million in October 27, 2005.
Abacus’ managing director David Bastian said the Sunshine Coast continues to grow in popularity as a family holiday destination and conference venue and we are in the final stages of planning a significant program of capital expenditure to further enhance the resort and its facilities.
“The Novotel Twin Waters Resort will be a foundation asset of the Abacus Hospitality Fund to be launched later this year,” he added.
By Adam Parsons
