$100M SURFERS PARADISE HOTEL TO CHANGE NAME
INTERCONTINENTAL Hotel Group will debut its new luxury brand on the Gold Coast — in one of the city’s best-known buildings.
The Watermark Hotel at Surfers Paradise, bought by Melbourne-based property investment firm SB & G Hotel Group in March, will be managed by IHG and become the world’s first Voco hotel later this year.
Settlement for the sale of The Watermark, thought to be around $100 million, is expected on June 19.
IHG currently manages the InterContinental Resort at Sanctuary Cove and Crown Plaza in Surfers Paradise as well as other SB & G Group properties in Sydney, Melbourne and Canberra.
The branding of the new hotel, the first signing of the Voco brand globally, was unveiled at an exclusive media event in London overnight.
SB & G Hotel Group managing director Paul Salter said the settlement would help the company approach its targeted $1 billion of assets and add scale and geographic diversification to its Australian hotels portfolio.
“As a longstanding partner, we are excited to be working with IHG to launch its new global brand in Australia,” he said.
“As we expand into Queensland, we look forward to our continued growth with IHG, given the synergies with our existing portfolio of hotels across Sydney, Melbourne and Canberra, which we acquired in December 2015.”
SB & G is the hotel’s first new owners in the 20 years since it was built by Japanese travel company HIS Investments.
The 388-room property is at Surfers Paradise Blvd at Hamilton Ave and was purchased with the smaller Brisbane Watermark hotel.
Following completion of the Watermark acquisition, IHG will operate six SB & G Hotel Group properties in Australia, including InterContinental Melbourne The Rialto, Crowne Plaza Melbourne, Crowne Plaza Coogee Beach, Crowne Plaza Canberra and Holiday Inn Potts Point — Sydney.
The company said there would be no employment changes for Watermark Hotel & Spa Gold Coast staff.
IHG will roll out Voco in IHG’s Europe, Middle East, Asia and Africa region, and plans to take it to the Americas and Greater China regions over time.
IHG Australasia and Japan managing director Leanne Harwood said the Voco brand would have a “bold, distinctive identity.”