Singapore-based Hotel Grand Central Limited (HGC) has purchased Novotel Palm Cove Resort in Queensland for AUD$10 million.
To be re-branded as Hotel Grand Chancellor Palm Cove upon settlement later this year, the property will expand HGC’s presence in Queensland to three hotels.
In a statement to the Singapore Stock Exchange, HGC’s Chairman and Managing Director, Tan Eng Teong, said the purchase was a strategic one.
“The proposed acquisition will enable HGC to expand on its presence in the hotel industry in the state of Queensland, Australia,” he said.
“HGC currently operates the Hotel Grand Chancellor in Brisbane and Surfers Paradise [and] a comprehensive review of the hotel will be undertaken with a view to re-branding the property as Hotel Grand Chancellor, Palm Cove upon settlement.”
The midscale property features 140 rooms, a restaurant and bar, seven meeting rooms, a gymnasium and two swimming pools.