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Hotel Grand Central to sell Surfers Paradise hotel for A$80 mil

PC Lee Published on Tue, May 24, 2016 / 5:28 PM GMT+8

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SINGAPORE (May 24): Hotel Grand Central (HGC) has agreed to sell Hotel Grand Chancellor Surfers Paradise in Australia for A$80 million ($79.2 million).

The 408-room hotel was purchased by HGC in 2010 for A$47 million. HGC subsequently spent an additional A$8.75 million including stamp duty and renovation works on the hotel.

HGC says the proposed sale transaction allows HGC to realise its investment in the hotel asset.