Australia's largest private hotel investor, Dr Jerry Schwartz, has made his first foray into Queensland hotel property with the $70 million purchase of the five-star Hilton Surfers Paradise from the Chinese group, Ja Feng. The deal is expected to settle in May 2019.
The Hilton Surfers Paradise will be the Schwartz Family Company's 14th hotel in Australia. It will join 11 hotels in NSW – including Sydney's first international five-star hotel since 2000, the Sofitel Sydney Darling Harbour – and one each in the ACT and Victoria.
The Hilton Surfers Paradise is one of the Gold Coast's newest luxury hotels, with Dr Schwartz's purchase including the 169-room hotel and management rights for 220 apartment-style residences. The accommodation is complemented by an impressive range of facilities including four restaurants and bars, a spa, extensive conference and function facilities, four pools, a large outdoor deck area and car parking.
"I believe there is enormous potential for growing the hotel's business," said Dr Schwartz.
"I have great faith in the Gold Coast as Australia's premier family, couples and groups market because its beaches, natural attractions, theme parks, events, restaurants and nightlife provide a complete tourism package that is attractive to both the domestic and international travellers.
"The Gold Coast is ideally positioned to take advantage of the boom in international travel from Asia and the Pacific, and with Gold Coast and Brisbane international airports expanding their range of source markets, I thought it was the ideal time to enter the market.
"I have had plenty of opportunity to 'test' the market, having purchased an apartment on the Gold Coast two years ago and been a regular visitor with my family. I've been impressed by the development of tourism infrastructure in recent years, and the seamless staging of the events such as the Commonwealth Games.
"It's a tremendously vibrant destination that combines world-class beaches with a touch of Las Vegas pizzazz. It all adds up to making the Gold Coast Australia's 'entertainment and events capital'."