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.
- 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)