The five-star Pullman Cairns International has sold for $75.08 million to the Melbourne-based Shakespeare Property Group, which is headed by private investor Yong Quek.
The 321-room hotel was sold by Robert Magid's TMG Developments and its partner, the Singapore-based Ascendas Hospitality Trust.
The Pullman Cairns International is considered one of the Queensland's finest accommodation offerings, due to its impressive lobby, large guest rooms and extensive conferencing facilities, with 11 meeting rooms over three levels.
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The 17-storey property also features a restaurant & bar, 10-room “Vie Spa”, outdoor pool, spa and gymnasium.
The transaction, negotiated through JLL Hotels & Hospitality Group’s Managing Director – Investment Sales, Mark Durran, includes the adjoining Village Lane Retail Centre and under-ground commercial car-park.
Growth in the Queensland hotel market's performance has accelerated in the first quarter of 2015.
Cairns in particular had one of the highest growths showing a 15.6% growth in RevPar over the prior year and up 13.5% year on year.
“The deal continues a series of landmark Queensland hotel sales this year, including other iconic properties such as the Sheraton Mirage Gold Coast and Sheraton Noosa Resort,” said Mr Durran.