The Sunshine Tower Hotel in Cairns is one of those properties that has enjoyed COVID-resilient trading with a strong occupancy during the pandemic.
Its 61 rooms in the heart of the city recorded 82 per cent occupancy for the past six months despite travel restrictions during the period.
The property is being offered in-one-line for the first time since being constructed as a strata hotel.
Marketing agent Gareth Closter from JLL Hotels & Hospitality Group told Accom Properties that the vendors had identified the opportunity to sell the building as a complete package and had amalgamated all lots, fully refurbishing the building and offering the Sunshine Tower Hotel with vacant possession.
Expressions of interest are invited.
Mr Closter said the property offered an outstanding investment opportunity with an EBITDA of $1.16m-plus projected, based on the last six months of trading, which included several months with very limited interstate guest numbers.
“It’s a very well located property near the hospital,” Mr Closter said. “It’s near the city centre of Cairns unlike a lot of the other hotels which are situated on the esplanade.”
The hotel is built on a 1,532sqm site and, as well as the refurbished 61 apartments/hotel rooms, it has a high quality reception area, a restaurant and a retail tenancy, which are both currently leased, a resort-style pool and spa, a BBQ area and landscaped gardens.
The hotel rooms are large with an average size of 35sqm and they provide the opportunity for longer rentals.
Mr Closter said there was no capital expenditure required following the building’s refurbishment.
He said the sale offered an opportunity for owner-operators or brands to either grab a foothold in the Cairns market or to expand their presence, with tourism set to flourish again in the post-COVID world.
Cairns was named after Sir William Wellington Cairns, the Queensland Governor from 1875 to 1877, and has a population of 150,000. Originally settled by Europeans to serve miners heading for the Hodgkinson River goldfield, it later became a major port.
Tourism though became its most important commodity in the second half of the 20th century because of its tropical climate, spectacular rainforest surrounds, and, of course, its easy access to the Great Barrier Reef, one of the seven natural wonders of the world.
The reef’s spectacular array of coral, tropical fish, turtles and rays is unforgettable. The Great Eight is the Great Barrier Reef’s answer to an African safari’s Big Five and visitors are encouraged to find all eight of these wonderous underwater creatures.
The World Heritage-listed Daintree Rainforest is also unlike any other place on earth. It’s a place where it is possible to immerse yourself in ancient knowledge and storytelling with Indigenous experiences unavailable anywhere else in the world.
Full of natural wonders, the Daintree also provides the chance for astonishing bushwalks, to swim in clear, pristine waterholes and splash under spectacular waterfalls.
With an ecosystem that is more biodiverse than that of the Galapagos Islands, the Wet Tropics offers the chance to meet the region’s rare and elusive creatures found nowhere else on earth.
Back Country Bliss Adventures also provide unique experiences such as drifting down a river through an extraordinary rainforest with a snorkel to spy on the marine life under the surface.
There is also lot to discover along the spectacular Cairns Esplanade, from open-air markets to the popular al fresco cafés, and a saltwater lagoon gives families the chance to keep cool on a hot day.
Not far from Cairns, the charming village of Kuranda is surrounded by tropical rainforest-clad mountains and is famous for its scenic cableway, local markets and artistic community.
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