Hotel Cairns sold to New Zealand's Giarn family
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Hotel Cairns sold to New Zealand's Giarn family
Hotel Cairns has been sold to a New Zealand-based family following an Expression of Interest campaign conducted by CBRE Cairns Managing Director Danny Betros and CBRE Hotels National Director Wayne Bunz.
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CBRE HotelsHotel Cairns
Hotel Cairns has been snapped by a New Zealand-based family following a competitive Expression of Interest campaign.
The sale is the first Australian acquisition for the Giarn family, which operates multiple hotels in New Zealand.
The hotel will join the Wyndham Hotels & Resorts group and be rebranded as Ramada By Wyndham Cairns City Centre.
At a glance:
- Hotel Cairns has been sold to New Zealand's Giarn family in what is their first Australian acquisition.
- CBRE Cairns Managing Director Danny Betros and CBRE Hotels’ National Director Wayne Bunz handled the sale on behalf of a private Chinese investor.
- 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.
Mr Betros said Cairns tourism was 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," he said.
“Cairns remains very much on the must-see list for travellers to Australia for easy access to the major attractions.”
The 4,075 square metre 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.
Mr Bunz said the demand for quality hotel assets in Cairns had attracted strong interest from international visitors.
“Investors 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," he said.
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