Business
9 July, 2024
Hotel sale after 33 years
THE Cairns Harbourside Hotel on the city’s Esplanade is on the market for the first time in 33 years.
Current owners Taisei Kanko Australia have made the difficult decision with a view to restructuring their investment portfolio and re-investing capital back in Japan.
JLL Hotels and Hospitality Group has been exclusively appointed to manage the sale of the Cairns Harbourside Hotel. The sale is being handled by Adam Bury, Gareth Closter and Gus Moors.
Mr Moors said it was for sale with vacant possession via an expression of interest campaign.
“ … it will put any new owner in the perfect position to take the asset into the future and carry forward the legacy Taisei Kanko have built over the past 33 years,” he said.
The hotel sits on almost 5000sqm, with 173 rooms, split across two towers, as well as expansive ground floor leisure and food and beverage facilities with views of Trinity Bay.
Mr Bury said there were plenty of options for astute investors.
“With stunning views of the bay, vacant possession and rooms split across the two towers, this is a genuine value add play at a ticket size that will appeal to a broad range of investors who are keen to get a foothold in the buoyant Cairns hotel market,” he said.
“The property itself provides a best of both world’s scenario, offering the Esplanade frontage that appeals to the leisure and conferencing market, while at the same time sitting within close proximity to key corporate and government demand generators.”
Mr Bury said the Cairns hotel market had burgeoned since COVID. Occupancy had increased 22 per cent year-on-year, while room rates had sky-rocketed and was 40 per cent higher than pre-COVID levels.
Also on the market – after nine years of ownership – is the refurbished 324-room Cairns Pullman International, with the aim of a $100m-plus sale price.
TPG Hotels has also bought the four-star Pacific Hotel Cairns on the Esplanade for about $35m. The 11-storey hotel has 207 guest rooms and suites, a restaurant, and swimming pool, as well as retail tenancies.
