Dr Jerry Schwartz is one of Australia’s most prominent hotel investors.

Hotel and tourism industry magnate Dr Jerry Schwartz has purchased the Hilton Surfers Paradise hotel for $70 million from Chinese group Ja Feng.

The transaction is the first for the Schwartz Family Company, which prior to this sale owned 13 hotels and resorts in New South Wales, the ACT and Victoria. Among the existing portfolio is the Sofitel Sydney Darling Harbour and Crowne Plaza Hunter Valley.

Along with the land and building ownership, the purchase also includes management rights to the 169-room hotel and 200 apartment residences. Also on site are four restaurants and bars, four swimming pools, conference and event spaces, a day spa, car park and an expansive outdoor deck area.

Dr Schwartz said the Gold Coast was perfectly placed to take advantage of ongoing growth in both domestic and international traveller markets, particularly from Asia and the Pacific, so it was “the perfect time to enter the market”.

“I have great faith in the Gold Coast as Australia’s premier family, couples and groups market because its beaches, natural attractions, theme parks, events, restaurants and nightlife provide a complete tourism package that is attractive to both the domestic and international travellers.”

“I have had plenty of opportunity to ‘test’ the market, having purchased an apartment on the Gold Coast two years ago and been a regular visitor with my family. I’ve been impressed by the development of tourism infrastructure in recent years, and the seamless staging of the events such as the Commonwealth Games,” Schwartz added.

The Hilton transaction will be finalised in May 2019.