Singapore’s Hotel Grand Central group buys Novotel Palm Cove Resort
THE Singapore-listed $1 billion Hotel Grand Central group has bought the Novotel Palm Cove Resort.
CBRE Hotels director Wayne Bunz confirmed the sale but refused to reveal the price, which The Weekend Post understands is between $10 million-$12 million.
He saidan approach was made to buy the 202-room property in an “off the market” deal from vendor Prakash Pandey’s New Zealand-based CP Group.
Mr Bunz said an announcement was pending and the sale was also subject to due diligence.
He said there had been “a resurgence of interest in Far North Queensland’s rebounding tourism market”, citing the Sheraton Mirage Port Douglas resort as another example as well as businessman Clive Palmer buying the former Sea Temple golf course at Port Douglas for about $7 million last year.
Grand Hotels International group general manager Frank Delli Cicchi said contracts were exchanged on Thursday and it was a conditional deal that involved due diligence. He said it was too early to discuss plans for the property which would continue to operate as normal.
A spokeswoman for Accor, which manages the 45ha property, said as the deal was subject to due diligence, there would be no comment.
It first opened in the early 1990s as the Palm Cove Travel Lodge and then joined Accor as a managed Novotel resort in 1993. The property was acquired by the Rockford Group in 2006 and operated as a franchise property called Novotel Rockford Palm Cove.
About seven years ago Macquarie Bank and Brisbane-based developer Indigo formed a joint venture to develop a $350 million integrated resort community, mainly on the site of the former 18-hole golf course.
Hotel Grand Central Ltd owns and operates hotels and properties throughout Singapore, Malaysia, China and Australia and New Zealand, including 10 under the Grand Chancellor brand in Brisbane and Surfers Paradise.
The company was established in 1968.
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Sold: Hotel Grand Central group has bought the Novotel Palm Cove Resort.
Singapore"s Hotel Grand Central group buys Novotel Palm Cove Resort
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