The hotel sits on 5.6 acres and the adjoining parcel totals 3.7 acres. The hotel development consists of four restaurants and bars, a gymnasium, spa and sauna, swimming pool, tennis courts, specialty shops and 296 luxury guest rooms.
The buyer is CIRA International, which consists of property developers CP1 Ltd and Raptis Group. CIRA plans to renovate the existing hotel before developing the adjacent parcel, most likely with another hotel.
CP1, a listed development subsidiary of property finance group City Pacific, also owns and manages the Paradise Resort across the road from CGI. Locally based Raptis' local portfolio includes the Surfers Paradise Holiday Inn, bought in 2005 for US $82 million, and the Sheraton Mirage, acquired last year for $64 million.
Lend Lease is handling the sale for Orix and for that will receive an undisclosed fee. The transaction is expected to close in April.
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