The Hotel Cairns has been listed for sale amid rising interest in Cairns hospitality investments.
CBRE Hotels’ National Director Wayne Bunz and CBRE Cairns Managing Director Danny Betros have been exclusively appointed to market the asset on behalf of a private Chinese investor.
The 4-star, Queenslander-style hotel, is less than 200 metres from the Cairns Esplanade and features 92 well-appointed guest rooms, conference rooms, a leased restaurant, gym, pool and tour desk.
It occupies a prominent 4,075sqm freehold parcel of land offering three street frontages and is directly across from the new Cairns Aquarium.
The central location is expected to be one of the buyer drawcards, with the hotel just one block from both the new $90m Cairns Performing Arts Centre and the Munro Martin Parklands and in close proximity to the Reef Hotel Casino and Reef Fleet Terminal.
Mr Bunz noted that there had been significant recent interest from hoteliers seeking to secure a foothold in the Cairns accommodation sector.
“The hotel is owner operated and is being offered with vacant possession. This will appeal to both owner operators and hotel chains who are actively seeking to establish their brand in Cairns and can utilise their distribution networks to tap into the record international visitor arrivals to Cairns, with Chinese visitors flocking to the city in record numbers each year.”
Airport arrivals to Cairns, which is recognised as the gateway to the Great Barrier Reef and the Daintree Rainforest, reached a record high of 5.3 million in FY 2018.
The city also benefits from being a major hub for Papua New Guinea, Fly-in Fly-out workers and the agriculture and resource sectors.
Mr Betros noted; “The inner CBD Cairns hotel market is highly sought after, making this a fantastic opportunity to enter what remains a tightly held market. The prominent location of the hotel, its strong financial performance, high profit margins and the strength of the Cairns market is expected to underpin buyer interest.”
The international Expressions of Interest campaign closes September 4, 2019.
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