Cairns City, Queensland

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

Business Summary