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Abacus Property signs A$100M sale deal for Novotel resort in Australia

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Abacus Property signs A$100M sale deal for Novotel resort in Australia

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.