Marriott Vacations Worldwide Corporation Surfers Paradise Marriott Resort & Spa
Marriott Vacations Worldwide Corporation purchased the five star Surfers Paradise Marriott Resort & Spa in 2015 with the intention of retaining eight floors of the property for 88 timeshare guestrooms and suites and selling the balance of the hotel operation.
McCullough Robertson acted for Marriott Vacations Worldwide Corporation in the volumetric subdivision, creating titles for the eight floors separate from the balance hotel lot, while successfully negotiating the land and business contracts with the hotel buyer.
There are multi-layered arrangements in place for the dual ownership structure and hotel management by the hotel operator, including a Building Management Statement, Community Titles Scheme for the eight floors, long-term leases of various hotel facilities ancillary to the timeshare uses and associated marketing agreements.
The negotiations between Marriott Vacations Worldwide Corporation as vendor, the buyer, the timeshare operator and the hotel manager occurred across five countries in a very short period of time.
The sale to Bensonlily Surfers Paradise, completed in May 2016, comprised the remaining 216 rooms and shared resort amenities.
To find out more, contact Ian Hazzard.