Chinese buy Hotel Cairns for up to $10m
A CHINESE family has paid up to $10 million for a hotel in Cairns in a bid to gain a foothold in the North Queensland city.
The 92-room four-star Hotel Cairns was sold by receivers Glenn Miller and John Goggin of BRI Ferrier after a CBRE campaign attracted 13 offers.
CBRE’s Wayne Bunz said the sale showed the strength of the city’s hotel market.
Meanwhile, Hong Kong billionaire Tony Fung has expressed interest in buying Cairns’ 321-room Pullman International hotel, which is jointly owned by Singapore’s Ascendas and local Sydney-based hotelier Robert Magid. Agents said the five-star property was worth $60m to $80m.
Mr Fung is attempting to take over Cairns Reef Casino as part of his plans for the $8bn Aquis project at Yorkey’s Knob.
Source: The Australian - 19th November 2014
