25 Feb 2016
Words Gold Coast Bulletin

Management Rights taken to whole new level

The Minor Hotel Group appears to have smashed all recent records with its purchase of the management rights to the 35-level The Beach tower at Broadbeach.

Minor late last year snared the rights to the 219-apartment The Beach and plans to rename it AVANI Broadbeach Residences.

Industry sources told Bizzy Bits that Minor shelled out well in excess of $50,000 a key for the management rights, meaning it has paid more than $11 million, setting a record.

Minor Hotel is part of the Minor International Group, which, as well as 120 hotels and resorts, has 1700 restaurants and 290 shops.

Alex Cook, a Resort Brokers agent who brokered the sale, said Minor’s buy was testament to the appetite of international accommodation operators for high quality, large-scale properties in prime Gold Coast locations.

Mr Cook said The Beach development team, comprising Anthony Moreton Group, Pryde Group and Brookfield Multiplex, had been astute in formulating the project concept from the outset with short-term holiday occupation in mind.