Sunshine Tower Hotel Cairns for sale by JLL Hotels & Hospitality, is being offered in-one-line for the first time since being constructed by Gareth Closter of JLL Hotels & Hospitality Group.
Sunshine Tower Hotel, for sale by JLL Hotels & Hospitality, is being offered in-one-line for the first time since being constructed by Gareth Closter of JLL Hotels & Hospitality Group.
The hotel is being offered to the market for the first time after the current vendors amalgamated the building by purchasing all 63 lots within the scheme. After buying the Management Rights and a large tranche of units in the building the current owners quickly identified the opportunity to ‘put the building back together’ and generate the economies of scale that come with doing so. “We are now offering a freehold going concern hotel” Mr Closter said.
Brisbane to Cairns is currently Australia’s most travelled domestic flight route and 2021 has been extremely profitable for the hotel despite no international tourists visiting and long periods of state border closures. The EBITDA for the hotel in 2021 is projected to be $1.16+ million highlighting this strong cashflow and profitability.
The resort offers 61 apartments/hotel rooms that have been completely refurbished offering a high standard of accommodation, especially when compared to some of the tired options in the Cairns market. The building has been completely stripped back and full refurbished including the services meaning no immediate CapEx requirements for the incoming owner.
Located on Sheridan Street with exposure to 40,000+ cars a day, the property sits on a conveniently located site of 1,532sqm in the Cairns CBD.
The property is being offered for the first time since it was constructed in 1990 and is a fully operational and profitable hotel providing affordable accommodation for business travellers, families and holiday makers. The Sunshine Tower Hotel is currently operated under a management team with vacant possession available to the incoming purchaser.
Gareth Closter, Senior Vice President of JLL Hotels & Hospitality said, “The current managers are doing an excellent job of operations, but they aren’t experienced hoteliers”. He went on to say “The Sunshine Tower Hotel could benefit from a brand or an experienced operator with booking channels to take it to the next level.”
“Cairns is such an iconic tourism destination! Clearly the region will benefit from the upcoming ‘re-opening’ of Australia’s borders and the Sunshine Tower Hotel is poised to capitalise on this,” Mr Closter commented
The Sunshine Tower Hotel in Cairns is being marketed through JLL Hotels’ Gareth Closter, with the property to be sold by Expressions of Interest.
To obtain a copy of the Information Memorandum, please contact the Gareth Closter of JLL Hotels & Hospitality Group via the contact form below.
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