An Abacus Property Group fund is selling its last remaining asset, the Novotel Twin Waters Resort on the Sunshine Coast in Queensland, Australia, to Shakespeare Property Group under an approximately A$100 million agreement, The Australian reported.

Chinese conglomerate HNA Group Co. Ltd. was formerly in talks to buy the 361-room hotel but backed out of the deal, according to the publication.

The asset on a 48.6-hectare site is managed by AccorHotels and has the potential to be redeveloped into a luxury project from a mid-scale accommodation.

The property was marketed by McVay Real Estate. Abacus declined to comment on the Aug. 15 report.