Hotel market activity
AFR: Mulpha selling Cairns Rydges Esplanade Hotel for $70m, paid $40m in 2016
Malaysian real estate giant Mulpha is hoping to almost double its money on a Cairns hotel, acquired less than two years ago, after riding the recent tourism boom in Far North Queensland. Mulpha, which also owns Hayman Island, the Sydney InterContinental Hotel and the InterContinental Sanctuary Cove, has put a $70 million-plus price tag on the 242-room Rydges Esplanade Resort Cairns, which it bought from ASX-listed Abacus Property Group for $40 million in September 2016.
“Cairns has witnessed phenomenal private and public investment over recent years, transforming the city into Australia’s fastest-growing international gateway destinations, with Cairns airport recording its seventh consecutive year of passenger growth,” said Mr Gibson.
Something of an overstatement but never mind.
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