Marriott sells Surfers Paradise hotel
Marriott Vacation Club has sold the hotel component of Australia-based Surfers Paradise Marriott Resort & Spa to Bensonlily Surfers Paradise for US$50 million.
Last year in July, Marriott Vacation Club purchased the Surfers Paradise Marriott Resort & Spa and is currently renovating the eight floors of the property into Marriott Vacation Club at Surfers Paradise.
It features 88 timeshare deluxe guestrooms and one- and two-bedroom suites, of which the remaining 216 rooms and the resort amenities were sold to Bensonlily Surfers Paradise.
Marriott Vacations Worldwide president and CEO Stephen Weisz said: “The sale completes our capital efficient transaction and we will look to re-invest the proceeds to add more exciting new properties.
The resort’s amenities, including a full service spa, fitness centre and four dining outlets, will be owned by both Marriott Vacation Club at Surfers Paradise and the Surfers Paradise Marriott Resort & Spa.
The entire resort will be operated by Marriott International under a long-term management agreement.