Sold Hotel – Cairns Southside International Hotel
HTL Property’s national accommodation division has advised on the sale of the Cairns Southside International Hotel.
Specialist national brokerage firm HTL Property is pleased to announce the successful sale of Cairns Southside International to RHCD Funds, to be added to the management portfolio of RedHill Hospitality.
Exclusive agents and HTL Property Directors Nic Simarro and Paul Nyholt handled the sale via an international Expression of Interest campaign.
Cairns Southside International is a 62 room hotel located 5 minutes from Cairns CBD. The property sits upon a significant 5,374 sqm land parcel; and offers future redevelopment opportunities (STCA).
During the process, HTL Property agents generated over 70 enquiries and finalised the deal after a very competitive second round of bidding.
“The sale process for The Cairns Southside International was a particular active campaign; highlighting the cross boarder interest in tourism assets affording a combination of scale and location” commented HTL Property Director, Nic Simarro.
“However our knowledge of the Cairns hotel market and similar tourism indexed assets meant we were able to quickly engage with our active qualified database of buyers” Simarro added.
“From organising building reports for the property, working with council to obtain compliance certificates and running the sales process, it was rewarding to see such a premium result achieved on behalf of our client” added HTL Property Director, Paul Nyholt.
“Furthermore, we take great pride in our ability to have closed this deal out after four competing agencies had previously tried unsuccessfully to do so” concluded Nyholt.
Simon Wheatley, Director of RHCD Funds said “We are pleased to have added another significant asset to our expansive portfolio with the acquisition of Cairns Southside International which we plan to rapidly reposition.”
“The HTL team were excellent to deal with and provided unrivalled support throughout the transaction process”