New Zealand’s Giarn family has acquired the Hotel Cairns in its first Australian foray.
The family, which owns and operates hotels in New Zealand, secured the CBD property after an Expressions of Interest campaign that closed in September.
The hotel will join the Wyndham Hotels & Resorts group and be rebranded as Ramada By Wyndham Cairns City Centre.
CBRE Cairns Managing Director Danny Betros and CBRE Hotels’ National Director Wayne Bunz handled the sale on behalf of a private Chinese investor.
“This well positioned Cairns CBD offering was highly sought after, attracting multiple bids from local and International investors,” Mr Betros said.
“Cairns tourism has a strong and very diverse future and is rebounding from a slow start to 2019, which was due to weather events and a changing Chinese market.
“Brisbane’s new second runway is set to lead to an increase in overseas visitors, who will then make the short trip north to visit the Reef and rainforests, complementing direct international flights into Cairns.
“Cairns remains very much on the must-see list for travellers to Australia for easy access to the major attractions.”
The 4,075sqm Hotel Cairns features three street frontages and 92 rooms.
It is positioned less than 100 metres from the Cairns Esplanade and is close to the Cairns Aquarium, the new Cairns Performing Arts Centre and Munro Martin Parklands, and near the Reef Hotel Casino and Reef Fleet Terminal.
“Demand for quality hotelassets in Cairns has attracted strong interest from international investors,” Mr Bunz said.
“They are looking to acquire hotels due to the favorable investment conditions and record low interest rates, while the current Australian Dollar offers substantial value for overseas investors, which is also favourable for inbound and domestic tourism.”