30 Nov 2015
Words Jenny Rogers & Martin Rasini

Thai group acquires Beach tower rights

Thailand’s Minor Hotel Group, which runs hotels and resorts in 22 countries, is bringing a new up-market brand to Broadbeach.

Minor, which was founded in 1978 with one resort at Pattaya in Thailand, has bought the management rights to the 35-level The Beach tower.

The 219-apartment The Beach, which is under construction and will not be completed until 2017, will be renamed AVANI Broadbeach Residences.

Minor Hotels describes AVANI, launched in 2011, as a “vibrant upscale hotel brand”.

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

Its Australian interests include a 50 per cent stake in The Coffee Club, 52 Oaks Hotels and Resorts properties, and the Ribs & Rumps steakhouse business.

The price Minor Hotels is paying for The Beach has not been disclosed but it is believed the group was among those who vied for the management rights to the Soul tower in Surfers Paradise, snared by the listed Mantra Group.

Minor Hotel is following in the Gold Coast footsteps of fellow Asian hotel group Banyan Tree, which is planning to use its new Cassia brand on a property it is to buld overlooking the ocean at the northern end of Surfers Paradise.

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

He said The Beach development team of 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.

“From the high-end design of the building, to the clever configuration of the units, style of the management agreements and manner in which the units are being marketed, The Beach Apartments will naturally lend itself to luxury holiday operation,” he said.

“It is also highly likely a large number of units will enter the short-term letting pool, strengthening its appeal to a large hotel operator.”

Minor Hotel chief executive Dillip Rajakarier said The Beach was a perfect fit for AVANI.