Schwartz has acquired the 360-key Paradise Resort on the Gold Coast
Schwartz picked the Hotel up for $43m
Plans for a major refurbishment
Ralan Group purchased property for $75m four years ago
Jerry Schwartz has acquired the 360-key Paradise Resort on the Gold Coast. The developer, Ralan Group, went into administration in August after initially purchasing the property for $75m four years ago. Schwartz picked it up for $43m.
He plans a major makeover, including upgrading rooms to a 4 to 4.5-star standard. He expects to spend $15m-$20m on upgrading 260 rooms plus renovating the reception area and cafe.
Ralan had developed one Ruby tower and had plans approved for development of a further three towers.
This is Schwartz's second Gold Coast hotel acquisition – the first being Hilton Surfers Paradise, which he bought at the beginning of the year for $70m.
The Paradise Resort acquisition lifts his portfolio of hotels to 15 across four states and territories.