CP1 and joint venture partner Raptis have settled on the purchase of the iconic Gold Coast International Hotel at Surfers Paradise.
The joint venture partners bought the five-star resort and a 1.5 hectare parcel of vacant adjacent land in February this year for $70 million from Orix Australia Corporation.
The hotel purchase was negotiated through Lend Lease.
The acquisition was made through a special purpose vehicle, CIRA International Pty Ltd. Under the terms of the deal with Raptis Group, CP1 will manage the hotel.
CP1 also owns and manages the 2.5 hectare
Both CGI and Paradise Resort have been earmarked for refurbishments.
Australian Property Journal
