Dr Jerry Schwartz acquires Paradise Resort Gold Coast
Australia’s largest private hotel owner, Dr Jerry Schwartz, is to add a second Gold Coast hotel to his portfolio, with an agreement to buy Australia’s leading family resort, Paradise Resort, in Surfers Paradise.
The 360-room hotel was previously owned by the property developers, the Ralan Group, who went into administration in August 2019.
Dr Schwartz acquired the property for $43 million, with final settlement planned for February 2020.
The addition of the Paradise Resort will increase the Schwartz Family Company network to 15 hotels and over 3500 rooms in four states and territories. It is the company’s second hotel on the Gold Coast, following the acquisition of Hilton Surfers Paradise earlier in the year.
Paradise Resort has been consistently rated as Australia’s number one family resort over the past decade, and following the takeover, Dr Schwartz indicated that a major refurbishment program would be introduced to upgrade rooms, food and beverage outlets and other facilities.
Dr Schwartz said that he was attracted to the property because of its renown as a premier family-friendly resort, and while continuing to offer a highly attractive and good-value product, would also upgrade some rooms to 4/4.5-star standard so they can attract a wider market.
“I know that previous owners planned to knock down the resort and redevelop it for apartments, but we believe there is tremendous demand for quality family-friendly resorts, especially in such prime locations as Surfers Paradise,” said Dr Schwartz.
“I have taken over two other resorts – the Fairmont Resort Blue Mountains and Crowne Plaza Hunter Valley – and revived them as a result of diversifying their markets and enhancing their family facilities and attractions. Paradise Resort also has potential to grow further, and this purchase will give all those involved with the hotel certainty about the future.
“I am very optimistic about the Gold Coast market, despite new supply coming on stream. Both Paradise Resort and my previous purchase – the Hilton Surfers Paradise – have established very strong reputations, and with investment in both hotels, allied to sustained growth in Gold Coast’s domestic and international markets, I see considerable upside for both properties.”
Dr Schwartz said that it was ‘traditional’ for the Schwartz Family Company to organise a major charity event to mark the addition of a new hotel to the network, and given the property’s alignment with families, raising funds for family-focussed charities would be the priority for the event, scheduled for 29 February 2020.
More About Paradise Resort Gold Coast
Set on five acres close to beaches and attractions, Paradise Resort is renowned as the number one destination for families travelling to the Gold Coast.
The Resort offers a range of accommodation options throughout its 360 guest rooms, with family comfort top of mind, including the popular themed King and Junior Bunkhouse rooms which feature an Xbox with free DVD and game hire.
The entire central resort area features a giant lagoon pool, large heated spa and two enormous Zone for Kids (Z4K) waterpark attractions – one of the biggest Resort aqua play waterparks in the Southern Hemisphere.
The Resort features the Zone for Kids Club – a fully supervised kids club offering separate play spaces ensuring age appropriate care and activities for kids aged 0-12. The Z4K Club provides an engaging environment where children really want to spend time, with nine themed play spaces providing an extensive range of activities including a subterranean play centre and maze, pedal cars, and movie room.
The resort is also home to PLANET CHILL and is the only resort in the Southern Hemisphere that has a permanent ice-skating rink onsite.
The overall aim of the Resort is to provide a stimulating environment for children, allowing their parents to be able to relax and recharge their batteries.
Source = Schwartz Family Company