Sunshine Tower Hotel, Cairns - SOLD

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Sold for 10,700,000 AUD Date of Sale: April 2022
Rooms: 61
Price Per Room: 175,410 AUD
Property Id : 32052
Land Size: 1,532 m2
The Sunshine Tower Hotel in Cairns has been sold to family-owned accommodation operators Alivio Group, by Gareth Closter, Senior Vice President, JLL Hotels & Hospitality Group for $10.7 million.
The Sunshine Tower Hotel was offered to the market for the first time after a group of investors amalgamated the building by purchasing all 63 lots within the Body Corporate scheme. After buying the Management Rights and a large tranche of units in the building, the vendors managed to ‘put the building back together’, an extremely rare feat for a Body Corporate scheme of this scale.
Key details:
  • 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)
Other Features
Restaurant
Swimming Pool

Gareth Closter

Senior Vice President, Investment Sales - Mid Markets
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