A major Chinese group is the surprise purchaser of the Sofitel Hotel on Queensland’s Gold Coast, pledging to pay more than $80 million for the property, as mainland players set the pace for hospitality assets.
Developed in the 1980s, the 296-suite hotel towering above the Oasis shopping centre at Broadbeach is being sold by Canadian property behemoth Brookfield.
It is unclear whether the hotel — fronting Surf Parade — will continue to be managed by the Sofitel brand, which is owned by the French hospitality giant Accor.
Brookfield is also selling the Novotel Hotel at Brighton Le Sands near Sydney Airport.
The property is also believed to have attracted interest from a Chinese buyer.
Meanwhile, one of China’s largest companies, Sunshine Insurance Group, is advancing due diligence to buy the prized Sheraton on the Park hotel in the Sydney CBD for about $465m.
It would represent the biggest single hotel deal in Australia .
Owners Starwood declined to comment, but the US-backed company requires the buyer to agree to a refurbishment and a 50-year management agreement.