Hotel Grand Central says wholly-owned subsidiary, Hotel Grand Chancellor (QLD) Pty Ltd, has agreed to acquire the Courtyard by Marriott Surfers Paradise in Queensland and its business for A$47 million ($54.8 million).

The Courtyard by Marriott is a freehold four-star hotel located on the corner of Surfers Paradise and Hanlan Street Surfers Paradise. It forms part of Centro Surfers Paradise, which is the largest shopping centre in Surfers Paradise.

The property is a 31-storey building comprising 405 accommodation rooms, a restaurant and two bars, five conference and meeting rooms, gymnasium and pool.

Hotel Grand Central says the proposed acquisition will enable it to expand on its presence in the hotel industry in the state of Queensland. A comprehensive review of the hotel will be undertaken with a view to rebranding the property as Hotel Grand Chancellor, Surfers Paradise upon settlement.

Hotel Grand Central adds the purchase will be financed by the purchaser’s own funds and bank borrowings.