Another Cairns hotel fetches $30m
Another major Cairns hotel has sold off-market.
The Bay Village Tropical Retreat curried favour with a Sydney investor for over $30 million.
Offered vacant, it contains 72 suites, several swimming pools and dining areas.
The site, 227 Lake Street, on the corner of Gattan, in North Cairns, is about five blocks from the CBD.
The deal comes a fortnight since we reported the Harbourside Hotel, previously the Holiday Inn, sold off-market, again for c$30m.
Bay Village Tropical Retreat
The Bay Village Tropical Retreat sale comes three months since the Crisafulli Liberal National Party announced a $1 billion-plus expansion of Cairns Hospital, construction of which is set to start this year (continues below).
“The hotel sold with vacant possession of brand and management, providing an outstanding opportunity for repositioning, refurbishment and potentially rebranding,” JLL’ s Gareth Closter, who brokered the deal, said.
Since 2019, the average daily rate jumped 43 per cent while the revenue per available room increased 47pc, according to the executive.
“The market is expected to see further upside as traditional international source markets such as China and Japan continue to recover,” he added.
“Investors are increasingly targeting regional accommodation assets due to strong operating fundamentals, resilient tourism demand and the long-term growth outlook supported by population growth and major infrastructure spending across the state,” he said.
“There is a clear trend in southern based investors targeting Queensland assets with upside”.
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