ASX listedLantern Hotels Group has sold itsiconic Cairns Courthouse Hotel after a hotly contested campaign.
A private buyer has purchased the freehold hotel for $6.25 million.
CBRE Hotels agents Glenn Price, Daniel Dragicevich & Paul Fraser negotiated the sale following the successful divestment of the GPO Hotel in Fortitude Valley, QLD and The Bowral Hotel in Bowral, NSW earlier this year.
Mr Price, Senior Manager of CBRE Hotels Queensland, said they received a strong response from a range of national investors including private pub groups, corporate groups and private publicans, which culminated in multiple offers for the Courthouse.
“The eventual buyer was from interstate and will look to refresh the current offering. They were drawn to the Courthouse due to its steady trade and location in one of the key economic and tourist regions in the country,” Mr Price said.
Director of Hotels QLD for CBRE Paul Fraser added; “This sale shows the continued strength of the market in leisure based locations. We haven’t seen many quality hotels come to the market in this region, but this sale shows the appetite is there,” Mr Fraser said.
The Courthouse Hotel is positioned in the heart of the Cairns CBD with close proximity to the foreshore and pier, Reef Casino & numerous accommodation hotels and backpackers. The licenced venue offers multiple bars, a restaurant, function rooms and a large beer garden which has a giant projection screen which displays most sporting events. It has been sold as a going concern and the sale will include the Commercial Hotel Licence and 35 Gaming Machine Authorities.
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