Qld Novotel sold for $100m

Qld Novotel sold for $100m

THE Novotel Twin Waters Resort on Queensland’s Sunshine Coast has officially changed hands following a $100 million sale by Abacus Property Group.

The purchase was completed by The Shakespeare Property Group, which said it would lead the hotel in a range of improvements to reposition the resort as “a leading business events venue and leisure resort in Queensland”.

Sunny Yang, General Manager – Hospitality Asset at Shakespeare Property Group said the Sunshine Coast offered “outstanding potential” to grow tourism in the short and long term.

“The Sunshine Coast is still relatively under-developed, despite having excellent access to major source markets across Australia…with the vast expenditure in infrastructure development, we think our purchase of the Novotel is very timely,” Yang said.

The hotel is located between the Maroochy River and Mudjimba Beach and offers 361 rooms, a range of dining options, plus leisure activities.

Source: traveldaily