Marriott Vacation Club has sold the hotel component of Australia-based Surfers Paradise Marriott Resort & Spa to Bensonlily Surfers Paradise for $50m (A$70m).

Last year in July, Marriott Vacation Club purchased the Surfers Paradise Marriott Resort & Spa and is currently renovating the eight floors of the property into Marriott Vacation Club at Surfers Paradise.

It features 88 timeshare deluxe guestrooms and one- and two-bedroom suites, of which the remaining 216 rooms and the resort amenities were sold to Bensonlily Surfers Paradise.

Marriott Vacations Worldwide president and CEO Stephen Weisz said: “The sale completes our capital efficient transaction and we will look to re-invest the proceeds to add more exciting new destinations in our Asia Pacific portfolio.

“We look forward to sharing this beautiful resort with the hotel’s new owner at this prime location on the Gold Coast.”

Australia’s Gold Coast experiences a moderate climate throughout the year with 300 days of sunshine per year.

The Gold Coast is a popular tourist destination offering a range of tourist attractions featuring retail shops, restaurants, internationally renowned surf beaches, national parks, entertainment districts and several major theme parks and attractions.

The resort’s amenities, including a full service spa, fitness centre and four dining outlets will be owned by both Marriott Vacation Club at Surfers Paradise and the Surfers Paradise Marriott Resort & Spa.

The entire resort will be operated by Marriott International under a long-term management agreement.