Strong trading freehold going concern hotel with huge upside
SOLD
Business Description
Sunshine Tower Hotel, for sale by JLL Hotels & Hospitality, is being offered in-one-line for the first time since being constructed. Originally developed as a strata hotel, the current vendors identified the opportunity and amalgamated ALL lots, fully refurbished the building and are now offering the property with vacant possession.
Investment highlights include:
• Highly COVID-resilient trading with a strong occupancy - over 82% for the past 6 months despite travel restrictions during this period
• Situated on a 1,532sqm* site in the heart of Cairns City
• Exceptional improvements including - 61 apartments/hotel rooms, hotel grade reception area, restaurant (currently leased), retail tenancy (currently leased), resort-style pool and spa, BBQ area and landscaped gardens
• Full building refurb completed recently with no CapEx required
• Large rooms (average 35sqm+) that provide the opportunity to let out on longer term/permanent basis providing the operator with options
• Operated by owner managers - offered for sale with vacant possession, opportunity for owner operators or brands to get a foothold in the Cairns market or expand their presence
• EBITDA of $1.16m+ projected based on last 6 months trading (which included months with very limited interstate guests)
*Approx.
To obtain a copy of the Information Memorandum, please contact Gareth Closter
1. Highly COVID-resilient trading with strong occupancy despite travel restrictions.
2. Prime location in the heart of Cairns City.
3. Fully refurbished building with no CapEx required.
4. Opportunity for longer term/permanent rentals.
5. Potential for owner operators or brands to enter or expand in the Cairns market.
6. Projected EBITDA of $1.16m+ based on last 6 months trading.
7. Large rooms averaging 35sqm+.
8. Vacant possession.
9. Resort-style amenities including pool, spa, BBQ area, and landscaped gardens.
10. Opportunity for further growth and development.
11. Offered for sale in-one-line for the first time since construction.
12. Amalgamated lots for maximum potential.
13. Currently operated by owner managers.
14. Information Memorandum available upon request.
