The Pullman Cairns International has been listed for sale after nine years of ownership.
The five-star hotel, listed by Prime Value’s Shakespeare Property Group, has 324 guest rooms, 11 conference and meeting rooms, and 184 car parks. It also features a lobby bar, a day spa, and gymnastic facilities.
Alongside the hotel, the adjoining retail and commercial arcade ‘Village Lane’ has also been listed. The arcade is 2,644 square meters and features 23 tenancies.
Accor Hotels manages the property under the Pullman brand but has vacant possession of the hotel. The Reward Group refurbished the hotel in 2021 for AUD 17 million.
Due to its location, extensive size, and various value-added opportunities, the property has considerable potential for new owners.
The sale of this hotel offers purchasers an opportunity to achieve historically consistent financial performance through diversified income streams. These include accommodation, food and beverage, conferencing, and passive revenue from the retail and commercial arcade.
Despite the drop in international visitation due to the COVID-19 pandemic, industry experts have predicted that this number will rise due to the gradual recovery of the international inbound market.
Richard Saad, vice president of hospitality assets and investments at Shakespeare Property Group, stated that Pullman Cairns International is a market leader in the luxury segment and continues to serve as a top choice for domestic and international travellers.
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