Mulpha selling Cairns Rydges Esplanade Hotel nearly double what they paid 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.


The acquisition was made at a time when investors were returning to Cairns amid improving occupancies and room rates, after the region had recovered from the effects of the GFC, a record high Australian dollar, and natural disasters.

 

Read the full article at https://www.afr.com/real-estate/commercial/hotels-and-leisure/mulpha-selling-cairns-rydges-esplanade-hotel-for-70m-paid-40m-in-2016-20180724-h132jw

 

 

Sharon Taylor
Senior Research Analyst - Performance Property Advisory

Sharon heads up the research division at Performance Property Advisory. As part of our ongoing service to clients, Sharon provides contemporary advice in a range of areas, including growth suburbs and regions, demographics and employment rates, proposed infrastructure developments and other aspects that will contribute to a positive return on their investment.